Cash transactions at Metro Cash & Carry under I-T lens

In a bid to prevent black money, the Income Tax Department has now begun scanning daily transactions by traders and entrepreneurs amounting to more than Rs 2 lakh.

On Wednesday, IT sleuths knocked on the doors of Metro Cash and Carry, the German self-service wholesaler of groceries and home appliances and surveyed their transactions. Income Tax Department sources revealed to DH the survey differed from their normal raids on the houses and establishments of tax evaders.

They also clarified that they did not scrutinize the firm, but only the transactions that violated the newly amended Income Tax Act.

Even as the business community was digesting the news of the inspection at Metro Cash and Carry locations, the I-T sleuths verified the transactions for a few hours and departed with some important information. The firm acknowledged the inspection but told DH that it cannot divulge anything further.

“Metro Cash and Carry India is a responsible corporate citizen. Earlier this week, officials from the Income Tax department visited our registered office in Bengaluru,” a spokesperson of Metro Cash and Carry India told DH in an email reply.

“For reasons of confidentiality, we can not comment on the nature of their visit,” the spokesperson added.

I-T sources explained that no one should accept more than Rs 2 lakh in cash for any business transaction. There were reports that a few traders transacted multiple times in cash amounting to crores. This violates the provisions of the amended IT Act and is liable for 100% penalties.

A top I-T Department source said the sleuths collected data on such transactions. 

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Cash transactions at Metro Cash & Carry under I-T lens

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