The Income Tax Department’s Kanpur branch carried out raids against Banshidhar Group, a tobacco company, that unearthed several things about the organisation. The raids, conducted in around 20 different locations across various states, led to the discovery of cash, documents and other luxury items.
These raids in Delhi, Uttar Pradesh, Gujarat and Mumbai exposed alleged inconsistencies in the company’s turnover.
As many as 15 to 20 teams carried out these raids across five states, including Shivam Mishra’s home in Vasant Vihar, Delhi. Mishra is the successor of the Banshidhar Tobacco Company and his house is where the IT team hit a jackpot.
A whopping Rs 50 crore worth luxury cars were found in his home, including a Lambhorghini, McLaren, Rolls-Royce Phantom, and a Porsche, NDTV report said.
So far, in the raids, IT officials have seized as much as Rs 6 crores in cash, along with some documents from Mishra’s home.
However, away from Shivam Mishra’s glam and attitude with his cars, the main focus point of this case is KK Mishra, the tobacco business’ head.
One of the biggest tobacco supplying company in the nation, Banshidhar Tobacco Private Limited, supplies products to major pan masala groups.
Reportedly, the company declared its turnover to be Rs 20 to 25 crore, when in reality, the actual figure was somewhere around Rs 100 to 150 crore.
It was revealed that the tobacco industry’s big player — along with tax evasions — also violated GST Rules (Goods and Services Tax).
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