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<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, April 1 (IANS) Shares of two-wheeler maker <keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> declined sharply on Friday after <keyword id="65338" type="General" weightage="80" keywordseo="income-tax-department" source="Orion">Income Tax department</keyword> detected some irregularities post a raid on the company. The shares fell over 6 per cent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 per cent lower at Rs 2,231. In late March, the Income Tax Department had conducted a search operation on the premises of Hero Motocorp in <keyword id="11900977" type="General" weightage="20" keywordseo="gurugram" source="Orion">Gurugram</keyword> and <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword> in connection with alleged tax evasion. The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore and Rs 60 crore unaccounted cash used to purchase land in Delhi and role of shell companies after it raided the two-wheeler crop and two other groups, according to reports. Since the start of 2022, the shares of the company fell 10 per cent, whereas 25 per cent in the past one year, data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/list-of-bank-holidays-in-april-2022-month/articleshow/90586419.cms">Here is a list of bank holidays in April 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/check-out-new-rules-that-have-been-introduced-from-1st-april-2022/articleshow/90588962.cms">These are the new changes in taxation that have kicked in from April 1</a>

Hero Motocorp shares decline as income tax raids dented company's image

<ul><li>The <keyword id="65338" type="General" weightage="20" keywordseo="Income-Tax-department" source="Orion">Income Tax Department</keyword> has reportedly conducted raids at offices of <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword>, <keyword id="1731609" type="General" weightage="100" keywordseo="oppo" source="Orion">Oppo</keyword> and OnePlus.</li><li>As per reports, 15 offices of the companies have been raided across the country.</li><li>The raids are based on intelligence inputs of concealed income and tax evasion.</li></ul> The <keyword id="6354751" type="General" weightage="20" keywordseo="Income-Tax" source="Orion">Income Tax</keyword> Department today reportedly conducted raids and carried out search operations across offices of Oppo, Xiaomi, OnePlus, <keyword id="3048254" type="General" weightage="20" keywordseo="dixon" source="Orion">Dixon</keyword> and Rising Star India. Distribution partners of Oppo have also been raided. According to an Economic Times <a href="https://economictimes.indiatimes.com/industry/cons-products/electronics/income-tax-raids-underway-at-oppos-distribution-partners/articleshow/88428682.cms">report</a>, raids were conducted at 15 premises of Oppo, OnePlus and Xiaomi in Delhi NCR, Mumbai, Bengaluru and Hyderabad. The search operations were conducted based on intelligence inputs of concealed income and tax evasion. The report added that the raids at the distribution partners of Oppo began on Tuesday. “Different directorates are carrying out search operations on these companies,” an official familiar with the matter told ET. In addition to offices of these companies, the authorities are reportedly also searching the houses of senior executives from the company. The Enforcement Directorate (ED) recently conducted similar raids on offices of these companies and one of Oppo’s distribution partners in Hyderabad was penalized. "Oppo's Chinese distribution partner was recently penalized in hundreds of crores by the ED in Hyderabad," said a source familiar with the matter. “As an invested partner in India, we highly respect and abide by the law of the land. We will continue to fully cooperate with authorities concerned as per procedure,” Oppo said in a statement to Business Insider India. "As a responsible company, we give paramount importance to ensuring that we are compliant with all Indian laws. As an invested partner in India, we are fully cooperating with authorities to ensure they have all the required information," Xiaomi said in a statement to Business Insider India. Business Insider India has also reached out to OnePlus seeking a statement from the company. We will update the story once we receive a response. SEE ALSO: <a href="https://www.businessinsider.in/india/news/ed-summons-aishwarya-rai-bachchan-in-connection-with-the-panama-paper-leak-case/articleshow/88386048.cms">ED summons Aishwarya Rai Bachchan in connection with the Panama Paper leak case</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/tech/news/pegasus-google-reveals-how-the-sophisticated-spyware-hacked-into-iphones-without-users-knowledge/articleshow/88383175.cms">Pegasus: Google reveals how the sophisticated spyware hacked into iPhones without user’s knowledge</a>

Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India

The CBDT on Monday claimed that the Income Tax Department has busted a hawala racket worth ₹ 3,300-crore and spread across multiple cities such as Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector. The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and <keyword id="826" type="LOCATION" weightage="20" keywordseo="Goa">Goa</keyword> on a group of people indulging in issuing bogus bills and carrying on hawala transactions. "The search action was successful in unearthing incriminating evidences and establishing the nexus between big corporates, hawala operators and identification of entire chain of delivery, as well as siphoning of funds by way of bogus contracts to the tune of Rs 3,300 crore," the CBDT said in a statement. The raids resulted in busting of a "major racket of cash generation" by leading corporate houses in the infrastructure sector through bogus contracts and bills, it said. Hawala denotes illegal transaction of funds by skirting the legal banking channels. "Funds meant for public infrastructure projects were siphoned off through entry operators, lobbyists and hawala dealers," it said. The Board, the policy-making body for the I-T department, however, did not identify the entities raided. The companies involved in siphoning of funds are mostly located in the national capital region and Mumbai, it said. One such company was earlier searched by I-T sleuths in April this year, the statement said. "The projects involved in bogus billing are major infrastructure and EWS (economically weaker section) projects located in south India." "Evidence of cash payment of more than Rs 150 crore to a prominent person in <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> has also been unearthed during the search," the CBDT said. "Unexplained cash of Rs 4.19 crore and jewellery (worth) in excess of Rs 3.2 crore was also seized during the search operation," it said. NES NES TIR TIR

Income Tax department uncovers a hawala nexus involving top infra firms

Post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> department (I-T) has been really busy and stepped up its drive against those converting "black money" into "white". It has issued over 5,000 notices and detected undisclosed income of close to Rs 4,200 crore since November 08. 
 
After November 8th, about 1,000 surveys and search and seizure operations were conducted across the country. 
 
Between December 22 and 28, over 200 such operations were undertaken, data available with the department showed. 
 
While surveys involve scrutiny of books, cash and other assets, search and seizure are referred to as raids in common parlance. 
 
Rs 105 crore out of Rs 458 crore cash seizures, is a tad under a quarter, was in new currency notes of Rs 500 and Rs 2,000, indicating the widespread use of banking and cash mules to convert old currency into new ones, which is stored as cash in offices and homes. 
 The move mounted through field offices is meant to identify those who used various tools - from depositing in banks to buying gold and jewellery soon after PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> announced demonetisation on November 8 - to try and protect their unaccounted wealth which was stashed away in the form of cash. 
 
Cash holdings are only a part of the black money with purchase of benami property and investments in gold and real estate being other tools. 
 
The tax department has deployed a multi-pronged approach, which involves detailed splicing of data received from banks and other sources and then sharing the numbers with the field offices.

I-T department issued over 5,000 notices, recovered Rs 4,200 crore cash since demonetisation

<ul><li>Tata Motors’ Nexon EV coupe concept was revealed in a video teaser.</li><li>The company has planned to launch ten new EVs over the next five years.</li><li><keyword id="7931165" type="General" weightage="20" keywordseo="tata-nexon-ev" source="Orion">Tata Nexon EV</keyword> coupe will rival MG ZS EV and Hyundai Kona EV. </li></ul>Tata Motors is ready to unveil its all-new electric SUV concept on April 6, 2022. The company has revealed <a href="https://youtu.be/eqHMh7omZMY">teaser</a> images before the launch. This debut also comes when Tata Motors has registered its highest-ever annual sales of 19,106 EVs - most of any carmaker in India. The teaser video shows different design elements. The portion behind the C pillar, the front fog light structure, and headlights that are giving aggressive feel. One of the interesting detail was the rear spoiler which gives it a coupe roofline like look. These details suggest that the upcoming car can be a concept on which the upcoming Nexon Coupe EV will be based, but we'll have to wait until its debut. Design and technical details The upcoming Nexon coupe will compete with midsize SUVs. Following its predecessor, all new electric Nexon may come with a 50mm longer wheelbase. There are no details on the powertrain but it is safe to assume the Nexon Coupe will be packed with the same electric motor but with a larger 40kWh battery pack to give a long mileage. We can expect Nexon to have some tasteful roof rails running down its coupe-style roof line as shown in the teaser. It can also feature wheel covers which will reduce drag and increase range. While little is known about the <keyword id="2055885" type="General" weightage="20" keywordseo="tata-nexon" source="Orion">Tata Nexon</keyword> EV coupe but we can expect that it will take on MG ZS EV and the Hyundai Kona EV in India. However, we can expect to see the Nexon Coupe in showrooms by 2024. See also: <a href="https://www.businessinsider.in/business/telecom/news/edge-data-centers-draw-major-investments-as-india-moves-closer-to-5g-rollout/articleshow/90660797.cms">Edge Data Centres draw major investments as India moves closer to 5G rollout</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suv-in-april-2022/slidelist/90587227.cms">Upcoming cars expected to launch in April 2022</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-shares-decline-after-it-department-raids-the-company/articleshow/90589389.cms">Hero Motocorp shares decline as income tax raids dented company's image</a>

Tata Nexon EV coupe concept to be unveiled on April 6 — here’s what we know about it

New Delhi, Mar 2 () Chhattisgarh Chief Minister Bhupesh Baghel on Monday wrote to Prime Minister Narendra Modi over the ongoing "politically motivated" raids in parts of the state by the Income Tax department, terming the action as an affront to the idea of cooperative federalism.In a letter to the prime minister, Baghel said it is an intriguing coincidence that the timings of these raids coincide with the decision of the state government to initiate criminal investigations into the alleged acts of corruption committed under the previous BJP government.The I-T department has been conducting multiple raids in Chhattisgarh since February 27."May I respectfully point out that the actions of finance/home ministries of the Government of India are nothing short of an affront to the idea of cooperative federalism that you have often spoken about," the chief minister of the Congress-ruled state said. He said the action reflects "coercive and insecure centrism". "The actions of the agencies of Government of India border on political vendetta on one hand and threaten the very core of our democracy on the other," he said in the letter. Baghel questioned the "unconstitutional" use of CRPF personnel, which are to be used only for "emergencies" and exceptional circumstances, during the raids. Asserting that law and order is a state subject and central forces cannot be deployed in a state without its consent and prior intimation, he said, "If each one of us fails to adhere to this cardinal principle of our constitutional democracy, we would become an undemocratic anarchy." Baghel said raids have been conducted in a clandestine, cloak-and-dagger manner without any information being provided to the state government or to the state police. "The central government's deployment of a central force to assist in motivated income tax raids undermines every word of Dr Ambedkar's caveat and the constitution scheme laid out in List II of the seventh schedule of the Constitution," he said. "I take this opportunity to reiterate the availability of the police machinery or any other assistance in the quest to find and prosecute the corrupt," the chief minister said in the letter. AKV SNE

I-T raids affront to idea of cooperative federalism: Chhattisgarh CM to Modi

After the demise of J. Jayalalithaa, all cases against her have been lifted, but the assets that were taken into custody are still with the <keyword id="6354780" type="ENTERTAINMENT" weightage="20" keywordseo="Karnataka">Karnataka</keyword> court. 
 <keyword id="41902" type="ORGANIZATION" weightage="20" keywordseo="AIADMK">AIADMK</keyword> leaders are hoping the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> will soon pass a judgment and release her belongings so that they can be kept in a museum in her memory. 
 
"Since there is more than one accused in the case, the trial will continue," BV Acharya, special public prosecutor for Karnataka, told TOI. 
 
He also said the Karnataka government would file a memo in the Supreme Court on Jayalalithaa's death. 
 "If the court finds the accused guilty, the seized wealth will be confiscated and handed over to the <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> government. If they are acquitted, it will be given to the rightful claimant from Tamil Nadu," A S <keyword id="838516" type="PERSON" weightage="20" keywordseo="Ponnanna">Ponnanna</keyword>, additional advocate general of Karnataka, told TOI. 
 
In 1996, the assets that were seized from Jayalalithaa’s place, in an income tax raid are kept in two positions. 
 
Of the seized assets, 10,500 saris, 750 pairs of slippers and 500 wine glasses are in a room on the first floor of the City Civil Court. As the assets have to be guarded round the clock, four policemen are on duty in shifts. The income tax department handed the assets to the government in 2002 when the case was transferred from Tamil Nadu to Karnataka. The assets, kept in the treasury , includes 21.28kg of gold jewellery worth Rs 3.5 crore, 1,250kg of silver articles worth Rs 3.12 crore, diamonds worth Rs 2 crore and a silver sword. 
 "We can decide on them only after the <keyword id="42836" type="ORGANIZATION" weightage="20" keywordseo="SC">SC</keyword> gives its judgment," said Ponnanna. 
 
The court verdict is expected in June 2017. 
(image: IndiaTimes)

Jayalalithaa's 10,500 sarees, 750 slippers, 500 wine glasses are under 24-hr guard in Karnataka

Reality is the most coveted theme in Bollywood right now. From churning out biopics to drawing inspiration from real-life incidents, movies are riding the ‘reality’ wave in a bid to rake in big moolah. Although it is not a box office hit, the recently released Gulaab Gang, starring Madhuri Dixit Nene and Juhi Chawla, is said to be inspired by Sampat Pal Devi and her Gulabi Gang, a group of Indian women vigilantes and activists. Another biopic based on Olympic medallist Mary Kom is coming up soon and promises to make waves. But before that, let us take a look at some of the most popular movies inspired by real life. 
 
1. Bhaag Milkha Bhaag One of the biggest hits of 2013 starring <keyword id="5015" type="PERSON" weightage="40" keywordseo="Farhan-Akhtar">Farhan Akhtar</keyword>, this is a biopic of Milkha Singh, the Flying Sikh of India. The flick goes beyond the obvious and highlights the lesser-known facts of the legendary athlete’s life, thus introducing the Indian sports hero to the Gen Y. Farhan is spectacular in his role while Milkha Singh has sold the rights of the movie for Re 1. However, a share of the profits goes to <keyword id="1937557" type="UNKNOWN" weightage="40" keywordseo="Milkha-Singh-Charitable-Trust">Milkha Singh Charitable Trust</keyword>. 
 
2. The Attacks of 26/11 
Directed by Ram Gopal Varma, this docudrama is based on the gory Mumbai attacks of 2008. The movie focuses on the series of events that took place on this fateful day. The movie revolves around the terrorist attacks and Ajmal Kasab, the prime radical, who was caught. RGV relies on police statements, eyewitnesses and the court evidence to bring in a pretty close presentation of reality. 
 
3. Once Upon a Time in Mumbai Dobaara 
A sequel to 2010’s Once Upon a Time in Mumbai, the movie is inspired by the animosity between gangsters Dawood Ibrahim and Chota Rajan. Despite a lot of hype, this gangster saga turned out to be a flop. Akshay Kumar, <keyword id="14676" type="PERSON" weightage="40" keywordseo="Imran-Khan">Imran Khan</keyword> and Sonakshi Sinha played lead roles in the film. 
 
4. The Dirty Picture 
Starring Vidya Balan, this one is a biopic of the southern sex siren, Silk Smitha, and offers a heavy dose of entertainment. Vidya has done an admirable job here and played a perfect seductress. She did her best to get into the skin of the character, which also required her to put on oodles of flab. 
 
5. Special 26 Starring Akshay Kumar and Anupam Kher, this film was inspired by a real life incident that took place in Mumbai’s Zaveri Bazaar in 1987. In the movie, a group on conmen posing as CBI officers executes a daylight income tax raid. The film also stars <keyword id="7637" type="PERSON" weightage="40" keywordseo="Manoj-Bajpayee">Manoj Bajpayee</keyword> and Jimmy Shergill, and has won plenty of critical acclaim. 
 
6. Paan Singh Tomar 
Another gem of a movie starring Irrfan Khan. This is a biopic of an athlete, Paan Singh Tomar, who was employed with the Indian Armed Forces. The film weaves the real life incidents that forced Paan Singh to quit the defence services and his dream of becoming an internationally acclaimed athlete, and take to guns instead. 
 
7. Satyagraha – Democracy Under Fire A political thriller starring Amitabh Bachchan, Ajay Devgn and Kareena Kapoor, this flick is loosely based on <keyword id="57766" type="PERSON" weightage="40" keywordseo="Anna-Hazare">Anna Hazare</keyword>’s fight against corruption. While Big B plays the role of Anna, Kareena’s character is inspired by the international journalist, Christian Amanpour. 
 
8. No One Killed Jessica This political crime thriller is a screen adaptation of the much publicised <keyword id="14009" type="PERSON" weightage="40" keywordseo="Jessica-Lal">Jessica Lal</keyword> murder case. While Vidya Balan plays Jessica’s elder sister, Rani Mukherjee is the spunky news reporter. The film has been widely appreciated for making the point quite poignantly and has bagged many prestigious awards. 
 
9. Not a Love Story 
This film starring Mahie Gill and Deepak Dobriyal is based on the ghastly murder of Neeraj Grover that led to the arrest of Maria Susairaj and M.L. Jerome. Director Ram Gopal Varma shot the movie in just 20 days at Dheeraj Solitaire building, which is the prime location of the incident. 
 
10. Guru 
It has not been stated officially but Guru, starring Abhishek Bachchan and Aishwarya Rai, takes inspiration from the life and times of India’s celebrated business tycoon, <keyword id="6418409" type="PERSON" weightage="40" keywordseo="Dhirubhai-Ambani">Dhirubhai Ambani</keyword>. It portrays the journey of an ordinary man growing up to become one of the most powerful businessmen, with absolute faith in his dreams. 
 
Image: Indiatimes

You Searched For "income tax raids" and got 8 results

Hero Motocorp shares decline as income tax raids dented company's image

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Jayalalithaa's 10,500 sarees, 750 slippers, 500 wine glasses are under 24-hr guard in Karnataka

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