New Delhi: Conducting search and seizure operations on a leading Gutkha distributor in Gujarat, Income Tax (I-T) department on Tuesday claimed to have detected unaccounted income of more than Rs. 100 crore.
Out of this, the group has admitted undisclosed income exceeding Rs.30 crore.
The I-T department has seized unaccounted cash of about Rs 7.50 crore and unexplained jewellery of about Rs. 4 crore. Prohibitory orders have also been placed on bank lockers. The search action carried out on November 16 covered more than 15 premises at different locations in Ahmedabad.
An official statement from I-T department said that various incriminating documents and digital evidence were found and seized during the search operations. “The preliminary analysis of these evidences clearly indicate evasion of taxable income by adopting various malpractices such as unaccounted purchases of materials, under-invoicing of sales, and unaccounted expenditure incurred in cash,” it said.
Further analysis of seized material reveals that part of these cash sales have not been recorded in the books of accounts. The search team has also unearthed evidences of undisclosed investment in immovable properties, the statement further said.
