<p> When the Income Tax department conducted raids on mining companies last year, it found that the promoter of Sri Bhakta Markandeshwara Minerals had opened an account in Pragati Grameena Bank to get a TIN number from the CTD. But it had carried out financial transactions of iron ore trade through three other banks without declaring them before the CTD.<br /><br />Taking a serious view of this, the Singh report said as per the law, the company should have submitted details of its accounts to the CTD. The officers of the CTD have also not bothered to collect the details of the bank accounts for verification and audit of VAT. <br /><br />It is observed that hundreds of such cases were found during the investigation wherein bank accounts operated by the traders (iron ore) were not reported to the CTD and it seems like no serious attempts were made in this direction, the report said. <br /><br />“There are plenty of cases wherein even at the time of registration of TIN number, the details of bank accounts have not been given. All trade transactions are done through other accounts. This is a serious issue and the department shall take immediate action to collect account numbers of all iron ore traders, mining lessees, raising contractors, iron ore transporters, logistics providers, excavators etc., from various banks, mainly in Bellary, Hospet and surrounding districts, and Bangalore,” the report said. <br /></p>
<p> When the Income Tax department conducted raids on mining companies last year, it found that the promoter of Sri Bhakta Markandeshwara Minerals had opened an account in Pragati Grameena Bank to get a TIN number from the CTD. But it had carried out financial transactions of iron ore trade through three other banks without declaring them before the CTD.<br /><br />Taking a serious view of this, the Singh report said as per the law, the company should have submitted details of its accounts to the CTD. The officers of the CTD have also not bothered to collect the details of the bank accounts for verification and audit of VAT. <br /><br />It is observed that hundreds of such cases were found during the investigation wherein bank accounts operated by the traders (iron ore) were not reported to the CTD and it seems like no serious attempts were made in this direction, the report said. <br /><br />“There are plenty of cases wherein even at the time of registration of TIN number, the details of bank accounts have not been given. All trade transactions are done through other accounts. This is a serious issue and the department shall take immediate action to collect account numbers of all iron ore traders, mining lessees, raising contractors, iron ore transporters, logistics providers, excavators etc., from various banks, mainly in Bellary, Hospet and surrounding districts, and Bangalore,” the report said. <br /></p>
