The Income Tax Department has raided a Chandigarh-based advocate for receiving at least Rs 217 crore in cash from a client and on charges of alleged tax evasion.
The I-T sleuths raided 38 premises linked to the lawyer in Haryana, Delhi-NCR, and seized Rs 5.5 crore on Wednesday. Also, 10 bank lockers of the advocate have been put under restraint.
The CBDT informed that the advocate is practicing commercial arbitration and alternate dispute resolution.
The Central Board of Direct Taxes (CBDT) alleged that the lawyer in one case "had received Rs 117 crore from a client in cash, whereas he had shown only Rs 21 crore in his records, which was received through cheque".
In another case, the advocate received over Rs 100 crore in cash from an infrastructure and engineering company for its arbitration proceedings with a public sector company, the CBDT claimed.
CBDT said that the "Unaccounted cash received has been invested by the assessee in the purchase of residential and commercial properties and in taking over of trusts engaged in the running of schools".
The tax officials also revealed that the advocate has also taken accommodation entries (hawala funds) worth several crores. The tax sleuths have also recovered "substantial digital data reflecting unaccounted transaction of the assessee and his associates who are financiers and builders."
(With PTI inputs)