After executing a series of multi-state raids in connection with the Banshidhar Tobacco Company's alleged involvement in financial manipulations, the Income Department on Friday seized several luxury cars including Rolls Royce, Porsche, Lamborghini, and McLaren from Shivam Mishra's residence. Shivam is the scion of a tobacco company in question.
Besides the cars, the IT teams have also seized 4.5 crores in cash during the raids, along with several documents.
About the Income Tax department raids
The extensive raids spanning 20 locations including Kanpur, Delhi, Mumbai, and Gujarat conducted by the Income Tax department have reportedly unravelled a chain of financial manipulations derived from alleged discordance in the company's reported turnover.
It has been reported that while the company had a officially declared income of 20 to 25 crore rupees, the actual turnover has been found to be of 100-150 crore.
The raids have revealed that the company has not only evaded Income tax laws but also violated Goods and Services Tax (GST) rules.
