The Income Tax Department has detected "large-scale" under-invoicing of imports after it recently raided a trader of laptops and mobile phones, the CBDT said on Saturday. The searches were carried out on October 10 at locations in the National Capital Region, Haryana and West Bengal.
"The evidences found and seized during the course of the search reveal that the payments for such under-invoiced goods to foreign consigners have been made through hawala channels.
It said Rs 2.75 crore cash was seized during the operation.
The taxman found that the modus operandi of the trading group "involves import of goods in the name of shell entities at under-valued and/or wrongful declaration of description of goods imported, with an intent to evade customs duty," it said.
"Upon clearance at port(s), such goods have been found to be distributed throughout India by way of out-of-books cash transactions," the statement said.
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