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Recent investigations conducted by the Income Tax Department in about 150 cases in Mumbai have led to detection of bogus bills of Rs 6,500 crore. Another 39 cases in Pune have also been detected amounting to Rs 722 crore.
It has been noticed that a large number of tax payers have obtained the bogus bills for non-genuine purchases or expenses from a few hawala dealers and used such bills to suppress their taxable income. Bogus bills are issued by the hawala dealers to beneficiaries without actual dispatch of goods, according to IT sources. The Department investigated the cases based on the inputs received from the Sales Tax Department of Maharashtra, which has detected more than 2,000 cases of evasion in the State.
The IT Department has asked the tax payers, who have availed themselves of such bogus bills, to come forward voluntarily and disclose correct state of affairs by filing revised returns and paying requisite tax by March 15, which is also the last date for payment of advance tax.
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