The Income Tax Department conducted a raid on the premises of three shoe traders in Agra, Uttar Pradesh, suspecting tax evasion and disproportionate assets. During the raid, bundles of Rs 500 notes were found in the footwear owner's house, with the total amount counted so far reaching Rs 25 to 30 crores. Bank officers and employees were called in to assist with the counting of the cash recovered during the raid.

Sources revealed that during the raid on the three shoe traders in Agra, the Income Tax Department recovered around Rs 40 crores in cash. The counting of the cash is still ongoing, and the final amount recovered may increase. This action was taken as part of efforts to crack down on tax evasion and undisclosed assets. In a similar operation in February, the Income Tax Department raided a tobacco company in Kanpur, which had allegedly underreported its turnover by a significant amount. The company was suspected of evading both income tax and GST.

The tobacco company, Banshidhar Tobacco Private Limited, was found to be involved in a large-scale tax evasion scheme. The company, which supplies goods to major pan-masala groups, was found to have underreported its turnover by a significant margin. In addition to the tax evasion, the company was also suspected of evading GST payments. The Income Tax Department raided the owner's residence in Delhi, where expensive vehicles including a Rolls-Royce Phantom were discovered. The ongoing investigations into the tobacco company's financial activities are part of the government's efforts to crack down on tax evasion and undisclosed assets in various industries.. Read More Here