Our Correspondent
Income Tax (IT) Department Tuesday conducted searches at over 25 locations in Delhi and the NCR in connection with its tax evasion probe into the Panama Papers leak cases.
Official sources said, IT teams swooped down on three business groups, which had interests in metals and food processing, financial services and tyres.
The names and links of the business groups had featured in the Panama Papers and it was detected that these entities were highly suppressing their actual turnover and income.
The Central Board of Direct Taxes (CBDT) had recently said that the probe into the Panama Papers leak cases had led to the detection of undisclosed wealth of 792 crore rupees and probe is on in full swing.
Over a year after the Washington-based International Consortium of Investigative Journalists (ICIJ) made the documents public, the CBDT had said that it had found 147 of a total of 426 cases actionable.
The IT Department conducted inquiries in all the 426 cases, inter alia, by making 395 references to 28 foreign jurisdictions.