NEW DELHI: As many as 1,000 shell companies have evaded Rs 1.37 lakh crore tax and indulged in bogus transactions worth Rs 13,300 crore in the past three years, says the revenue department. In this period, investigations revealed that 1,155 shell companies were used as a front for 22,000 beneficiaries, it adds.
According to a statement released on Friday, 23,064 searches were conducted by the revenue department, of which 17,525 were by the tax department and the remaining were by the customs, excise and service tax wings.
Out of the Rs 1.37 lakh crore tax evaded Rs 69,434 crore was in income tax, Rs 11,405 crore in customs, Rs 13,952 crore in central excise and Rs 42,727 crore in service tax, an official statement said.
“Concerted and coordinated actions of law enforcement agencies under the revenue department have achieved phenomenal success in fighting the menace of black money during the past three years. The period has witnessed unprecedented enforcement actions in direct and indirect taxes,” the statement added.
It also cautioned tax evaders that identification of black money will be further intensified soon. A team of senior officials is coordinating and monitoring the actions taken by departments concerned, it added.
During the past three years, the Enforcement Directorate has intensified its anti-money laundering actions. It has registered 519 cases and conducted 396 searches.