IT reveals two separate actions on black money

Two separate actions by the Income Tax (IT) department on Thursday revealed the extent of impunity with which the Chartered Accountants (CA) operate in facilitating conversion of black money into white.

Sources said, in a search action in Bikaner, it was found that a Surat-based chartered accountant has done entries of Rs. seven crore.

The chartered accountant admitted that he had created 10 dummy companies to facilitate introduction of more than Rs. 90 crore, which are unaccounted money into the books in the last five years.

Meanwhile, in Haryana a person was found to have taken entries over a period of 10 years with the help of a chartered accountant, who later admitted to have routed funds for the Jind-based group through Delhi-based shell companies.

The IT department believes that the entries taken in this case would be more than Rs. 20 crore.