APN News

  • Monday, September, 2020| Today's Market | Current Time: 06:10:03
  • Income Tax department has conducted search operations at 39 locations to check alleged tax evasion by brokers and traders operating at the Bombay Stock Exchange (BSE) in transactions worth over 3,500 crore rupees.

    Central Board of Direct Taxes (CBDT) said that the search operations were conducted at Mumbai, Kolkata, Kanpur, Delhi, Noida, Hyderabad and other places.

    The search action has unravelled the entire modus-operandi which has been adopted by the share-brokers and traders to trade into the illiquid stock options in Equity Derivative Segment.

    The search operations also resulted into identification of the wrongful long-term capital gains taken in at least three penny stocks listed on the BSE.

    CBDT said, the search action has resulted into seizure of unaccounted cash of one crore 20 lakh rupees.

    The number of beneficiaries who have been benefitted by these manipulated transactions could be to the tune of a few thousand and efforts are being made to identify them.