Income Tax department busts fake billing racket with raids at 42 locations

The Income tax department carried out a search and seizure operation, with raids on a large network of individuals running a racket of entry operation and generation of huge cash through fake billing. Raids were conducted at 42 premises across Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa. The Central Board of Direct Taxes said that documents evidencing accommodation entries of more than Rs 500 crore were seized during the raids. Also, cash worth Rs 2.37 crore and jewellery worth Rs 2.89 crore were found along with 17 bank lockers, which are yet to be operated. Further probe is underway.