Income Tax Raids Reveal Extravagant Lifestyle of Tobacco Baron; Luxury Cars and Assets Worth Rs 7 Crore Seized
Income Tax Raids Reveal Extravagant Lifestyle of Tobacco Baron; Luxury Cars and Assets Worth Rs 7 Crore Seized
The ongoing Income Tax Department raids at the residence of KK Mishra, the owner of Bansidhar Tobacco Private Limited in Kanpur, have unveiled an opulent lifestyle, leading to the confiscation of assets valued at Rs 7 crore. The raids, spanning three days, have exposed financial irregularities, tax evasion, and luxury possessions.
Income Tax officials seized cash amounting to Rs 4.30 crore and jewellery worth Rs 3 crore from KK Mishra’s residence in Delhi. Additionally, five watches, including one adorned with diamonds valued at Rs 2.5 crore, were found. Luxury cars, including a Rolls Royce, Porsche, and Lamborghini, were also confiscated.
The raids revealed a complex web of financial manipulations, allegedly involving Bansidhar Tobacco Private Limited evading income tax and GST on a significant scale. Authorities are investigating the tobacco company’s reported turnover, which is suspected to have a substantial difference between declared income and actual turnover.
KK Mishra is currently undergoing interrogation by Income Tax officials. However, reports suggest that he is attempting to avoid questions, citing poor health. The authorities are specifically questioning the acquisition of luxury cars concerning the company’s declared turnover of Rs 20-25 crore.
Probe into Tax Evasion: The tobacco company, a major supplier to pan masala groups, is accused of evading income tax and violating Goods and Services Tax (GST) rules. The raids, which began on Thursday evening, have exposed discrepancies in tax filings and GST payments.
Preparations for Further Action: The Income Tax Department is preparing for additional action against another prominent tobacco company that procured raw materials from Bansidhar Tobacco Private Limited.
The raids and subsequent investigations highlight the pervasive financial irregularities and alleged tax evasion in Bansidhar Tobacco Private Limited, a significant player in the tobacco industry. The authorities aim to uncover the full extent of financial manipulations and bring those responsible to justice.
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