Hidden Income Worth Rs 100 Cr Found During Raids On Gutkha Distributor In Gujarat: What We Know
The Income Tax Department has detected unaccounted income of more than Rs 100 crore after it recently raided a Gujarat-based gutka distributor, the Central Board of Direct Taxes (CBDT)said.
Statement does not disclose name of the group?
The searches were carried out on November 16 at about 15 premises of the unidentified group in Ahmedabad.?During the raids, unaccounted cash worth about ? 7.5 crore and jewellery worth about ? 4 crore were recovered.
"The search action, so far, has led to the detection of unaccounted income of more than Rs 100 crore."Out of this, the group has admitted undisclosed income exceeding Rs 30 crore," the CBDT said in a statement.
Income Tax officials also seized various incriminating documents and digital evidence during the searches, the statement said.
Unaccounted purchases, under-invoicing of sales
The statement said analysis of these evidence points to tax evasion by the group. This was done by adopting malpractices such as unaccounted purchases of materials, under-invoicing of sales and unaccounted expenditure in cash, the government statement said.
"Analysis of seized material reveals that part of these cash sales have not been recorded in the books of accounts," it claimed.?The department also unearthed evidences of undisclosed investment in immovable properties, the statement said.
For now, the Income Tax department has sealed the bank lockers of the group and is carrying out further probe into the matter.?
Another raid in Gujarat
This comes after the IT department on Thursday raided more than 20 premises of a Gujarat-based group engaged in the manufacturing of chemicals and the development of the real estate.
The search operation was spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai. According to the Central Board of Direct Taxes (CBDT), a large number of incriminating evidence in the form of documents, diary notings and digital data showing earning of huge unaccounted income by the group and its investment in assets have been found and seized.
During the search proceedings, several incriminating evidences about cash transactions in investment in immovable properties and cash loans have also been seized. Unaccounted cash of about Rs 2.5 crore and jewellery of Rs 1 crore were seized during the raid. Sixteen bank lockers have been placed under restraint.
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