Jammu Kashmir I-T dept raids dry fruit traders in J&K and Punjab, claims over Rs 200 crore hidden income
New Delhi/UNI: Carrying out search and seizure operations on dry-fruit traders in Jammu & Kashmir and Punjab, the Income Tax (I-T) department has claimed to have detected hidden income of more than Rs 200 crore.
The tax department said on Friday that search action has resulted in the seizure of unaccounted cash of Rs 63 lakh and jewellery of Rs 2 crore.
As many as 14 bank lockers have been placed under restraint during the anti-tax evasion crackdown.
"The search action has led to the detection of unaccounted income exceeding Rs 200 crore. Further investigations are in progress," the I-T department said in a statement.
During the search operations, the tax department claimed to have found many incriminating documents including digital evidence which indicated that the assessment group inflated the purchase of dry fruits exorbitantly.
"Seized evidence also supports the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases. Evidence was also unearthed that one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts," the statement said.
It further said that one of the groups indulged in unaccounted purchases and sales of dry fruits.
"Excess stock to the tune of Rs 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a Benami proprietary concern," the statement said.
