Nagpur: In a recent raid conducted by the Income Tax Department on the premises of Pyare Khan, a logistics businessman, no assets were seized, according to a report in a local English daily.
Khan, along with eight other individuals, was covered in the raid. Khan expressed relief at the outcome of the income tax action, refuting rumours that his business was funded by politicians or other businessmen. He claimed that the funds he possessed were legitimate loans provided by banks, the report claimed.
The taxmen carried out a major operation, conducting raids on nine businessmen in Nagpur, including the promoter of a private limited company with interests in diverse sectors. The report states that Khan’s firms were scrutinized, and no unexplained assets were found. The taxmen examined the documents of three companies within Khan’s group.
According to the report, in two of the companies, out of turnovers of Rs 404 crore and Rs 94 crore, a discrepancy in cash balance and accounting entries was discovered, amounting to Rs 1,800 and Rs 2,200, respectively. However, in the third company, the cash in hand was found to be in line with the accounts. Khan attributed the mismatch in the first two companies to a delay in accounting and stated that he would provide clarification within the next 4 to 5 days.
Khan informed the English daily that the Income Tax Department only took a demand draft of Rs 13 lakh, which would be returned within 3 months. This is a noteworthy occurrence in Nagpur, as it is rare for an assessee to openly express relief following an income tax raid. Khan commended the professionalism of the income tax officials who conducted the search on his premises and stated that he had cooperated fully. He added that the raid has now been concluded.
Last week, the Office of Director Investigation (Income Tax) in Mumbai conducted raids on various premises in Nagpur belonging to different businessmen. Among the targeted entities was a business group involved in IT, commodities trading, and even the stock market. The promoters of this company were also under investigation in a dabba trading case carried out by the police. Sources indicate that the income tax action is ongoing in other locations.
Pyare Khan’s journey from being an autorickshaw driver in 2001 to becoming the owner of a fleet of trucks is a rags-to-riches story. He stated that he provided all the necessary documents to address any doubts regarding the source of his rapid growth.
