Income tax dept holds searches in Rajasthan, Mumbai; detects alleged unaccounted Rs100 crore
PremiumThe search operation extended to more than 25 premises spread across Rajasthan and Mumbai
NEW DELHI : Income Tax Department has carried out searches on a business group engaged in real estate transactions, handicraft trade and cash financing, leading to detection of alleged unaccounted income of over Rs. 100 crore, said an official statement.
The search operation, which also covered some bullion dealers, extended to more than 25 premises spread across Rajasthan and Mumbai, the department said on Tuesday.
During the course of the search last Thursday, several incriminating documents have been found and seized, the department said. Evidence showed that the group has allegedly indulged in unaccounted cash transactions in real estate. The group allegedly suppressed profits of the handicrafts business by inflating the purchases in the books of account, through bogus bills of gold and silver arranged from bullion traders. During the search, it has also been seen that cash has been received back against the cheques issued to these bullion traders, the department said.
Cash was found to be utilised for investment in real estate as well as for obtaining cheques to be introduced as credits into the books of account. Evidence also showed that the group recently acquired a few shell companies through entry operators, the department said.
The search has led to seizure of unaccounted cash of over Rs. 1.30 crore and unaccounted gold jewellery exceeding Rs. 7.90 crore. Further investigations are in progress, the tax department said.