{"id":31236,"date":"2022-03-24T19:52:56","date_gmt":"2022-03-24T14:22:56","guid":{"rendered":"https:\/\/tradebrains.in\/features\/itx-educational-trust-evasion\/"},"modified":"2022-03-24T19:52:56","modified_gmt":"2022-03-24T14:22:56","slug":"itx-educational-trust-evasion","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/itx-educational-trust-evasion\/","title":{"rendered":"Funds of educational trust siphoned off for personal gain of promoters: I-T dept"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2992252748\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Mar 24 (PTI) The Income Tax department has found that a substantial amount of funds of an educational trust run by a group that owns schools and colleges in India and abroad has been &#8220;siphoned off&#8221; for the personal benefit of its promoters, the CBDT said on Thursday.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4014307030\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>The searches were conducted on March 14 at more than 25 premises of the unidentified group in Maharashtra, Karnataka and Tamil\u00a0Nadu.<\/p>\n<p>In a statement, the Central Board of Direct Taxes said the action was taken against &#8220;a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad.&#8221; \tIt has been found that &#8220;substantial funds have been siphoned off from the Trusts for the personal benefit of the group&#8217;s promoters and their family members, in violation of provisions relating to claim of exemption by the Trusts under the Income-tax Act.&#8221; \tUnaccounted cash worth Rs 27 lakh and jewellery worth Rs 3.90 crore was seized during the raids, the CBDT, which is the policy-making body for the IT department, said.<\/p>\n<p>&#8220;The modus operandi of siphoning-off the funds from the Trusts includes debiting of bogus expenses in the guise of purchase of goods\/services from various dummy companies and LLPs (limited liability partnerships) owned by the promoters, their family members, and some of their trusted employees.<\/p><div class=\"trade-content_5\" id=\"trade-2875268151\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;It was unearthed that no actual goods or services were delivered\/rendered by these entities and the same have been corroborated by the employees in their deposition,&#8221; the statement claimed.<\/p>\n<p>The money so siphoned-off, it said, has been utilised for investment in acquiring benami properties and making unfair payments.<\/p>\n<p>&#8220;Evidences of about two dozen immovable properties located in Maharashtra, Pondicherry (Puducherry) and Tamil Nadu have also been gathered which are either benami properties or not disclosed in the respective returns of Income,&#8221; the statement said, adding these assets have been provisionally attached.<\/p>\n<p>Evidences of borrowings on &#8216;hundi&#8217; (an illegal form of trade and credit transactions) aggregating to Rs 55 crore, and their repayment in cash in the form of discharged promissory notes and bills of exchange have been seized, it said. 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The searches were conducted on [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-31236","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Funds of educational trust siphoned off for personal gain of promoters: I-T dept - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/itx-educational-trust-evasion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Funds of educational trust siphoned off for personal gain of promoters: I-T dept\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Mar 24 (PTI) The Income Tax department has found that a substantial amount of funds of an educational trust run by a group that owns schools and colleges in India and abroad has been &#8220;siphoned off&#8221; for the personal benefit of its promoters, the CBDT said on Thursday. 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