I-T search on Gujarat textile, real estate company; 24 crore cash seized

NEW DELHI: The Income Tax department on Tuesday claimed to have seized unaccounted cash worth Rs 24 crore and gold valued at Rs 20 crore during a search operation on the premises of a Gujarat textile and real estate company.
The I-T department has also claimed that unaccounted transactions of more than Rs 1,000 crore have been unearthed during the searches that began on July 20. The Gujarat group is engaged in the business of textiles, chemicals, packaging, real estate and education. The searches covered 58 premises across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.
“The search has resulted in unearthing unaccounted transactions exceeding Rs 1,000 crore. Unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc. valued at Rs 20 crore have been seized,” the department said.
It added that the search team seized various incriminating evidence and digital data that revealed how the group has been engaged in large scale tax evasion. The accused indulged in unaccounted cash sales outside the books of account, booking of bogus purchases and on-money receipts from real estate transactions.
The group has also been found layering of unaccounted sums through share premium from Kolkata-based shell companies, the I-T department said. Certain instances of unaccounted income generated through cash based ‘sarafi’ (unsecured) advances made have also been found, it said.
The Gujarat group has also been accused of “profiteering through manipulation of share prices” of its listed companies through operators. Evidence seized reveal that the group has been siphoning off funds through fictitious entities for personal use.