ALLEN career institute, Kota is countrywide renowned for its teachings in the science subjects. Every year, lakhs of students rely on the institute for clearing the national level engineering and medical exams. But, the whole country was taken aback when all 40 branches of the institutes got targeted for income tax raids altogether. The process has revealed unaccounted income of the institute worth Rs. 100 crores. The inspections went on for 6 days and also revealed the income worth Rs. 15 crore of traders and colleagues.
The exploration unit of income tax department has successfully accomplished the inspection procedure by Tuesday evening. The coaching centre was holding the total of unaccounted income worth Rs. 100 crores.
The joint director, M. Raghuveer mentioned that the owners of the coaching centre have accepted this large amount of income. A total of Rs. 85 crore unaccounted income was discovered from coaching group. It also includes the jewellery and cash worth Rs. 10 lakh. The department has revealed that they will keep the assessment on. Income tax officers have taken the investment related documents with them.
This has been considered as biggest inspection by the Kota division. During early phase, the inspection was initiated at 22 establishments.
from last 6 months, 40 officers of income tax department were living in Kota and they have targeted 27 bases in Jaipur, Jodhpur, Bhilwara, Udaipur and Sikar and total 40 bases in whole country.
Along with the coaching institute owners and their colleagues, they also checked the funds of their relatives. They inspected dozens of their relatives and faculties. They inspected the related traders and contributors for 2-3 days. Surprisingly, they recovered the documents related to transactions and investments from the relatives. Tax experts have mentioned that the accused party has to submit 60% tax of the unaccounted income recovered in the inspections.
