New Delhi:IT held on pulse cartels, Rs 700 crore tax evasion
New Delhi:IT held on pulse cartels, Rs 700 crore tax evasion
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New Delhi:The Income Tax Department(ITD), which had kept a close watch on pulse traders and their involvement in current price speculation, on Thursday captured  22 offices, involving those in Delhi, Mumbai, Akola, Baroda and Indore, and found incriminating documents that points towards cartelization of pulses and a tax evasion to the tune of Rs 700 crore.

IT officials also explained that  the Enforcement Directorate and Delhi Police for while action beneath  the Essential Commodities Act and the Prevention of Money Laundering Act, besides other penal provisions.

“These trading and importing companies, especially some MNCs, are indulging in cartelisation of pulses, which has led to an artificial escalation of their prices in the retail market. The documents collected from several offices hint at price manipulation on commodity exchange and the collection of kickback from dal mills,” said a source in the IT department.

"This would correct the price of essential commodities. When elections are on, the government cannot afford to sit idle,” as per the the source.

“While the documents show substantial income, these companies claimed losses through various bogus means to cover up their active involvement in pulse cartelisation,” said the officer.

Apart from the raising  prices of important commodities, what prompted IT officials into action was a current report from the Intelligence Bureau, which explain that of the 151,000 tonnes of pulses imported in January this year, 63,000 tonnes were deliberately left at the port.

“The traders were aware that pulse crops would be harvested in March-April and if these 63,000 tonnes were kept away from the market, it would automatically hit supply in the domestic market and escalate prices,” said the report.

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