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New Delhi: The Income Tax department has detected alleged tax evasion by a group in Gujarat engaged in chemicals production and real estate development, the department said in a statement on Sunday.
The discovery was made during searches conducted last week at 20 premises spread over Vapi and Sarigam in Gujarat, Silvassa and in Mumbai, the statement said. “Preliminary analysis of the documents and evidence unearthed during the search has indicated that estimation of unaccounted income is likely to be more than Rs100 crore," the statement said.
The department said that incriminating evidence in the form of documents, diary notings and digital data showing unaccounted income by the group and its investment in assets have been found and seized. The search resulted in seizure of unaccounted cash of about ₹2.5 crore and jewellery of ₹1 crore. Also, 16 bank lockers have been placed under restraint.
The evidence indicates evasion of taxable income by suppression of production, use of bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST credit and claim of bogus commission expenses. All these have resulted in generation of unaccounted cash, the department said. Further investigation is on.
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