New Delhi: Income tax department Unaccounted income of Rs 100 crore has been unearthed after recent raids Gujarat The CBDT on Sunday said that the company is engaged in manufacturing of chemicals and real estate.
Searches were conducted on November 18 in more than 20 premises located in back, sarigaam (Valsad District), silvassa and Mumbai.
“… documents, diary notings and digital data showing huge unaccounted income by the group and evidence of its investment in property have been seized,” the CBDT said in a statement.
“The evidence clearly indicates evasion of taxable income by adopting various methods such as suppression of production, use of bogus purchase invoices without actual delivery of goods to enhance purchases, availing bogus GST credit, bogus commission expenses claims, etc.” it said.
The Central Board of Direct Taxes (CBDT), which formulates policy for the tax department, said the group received unaccounted money as part of real estate transactions.
“All these have resulted in unaccounted cash generation,” the statement said.
Documents relating to cash transactions and investments in immovable properties and cash loans have also been seized by the tax authority, it said, adding that during the operation, 2.5 crore cash and jewelery worth Rs 1 crore were seized, while 16 banks The accounts have been frozen, the CBDT said. ,
“Preliminary analysis of documents/evidence found during the search indicates that the unaccounted income is likely to be estimated at more than Rs 100 crore,” the statement said.
Searches were conducted on November 18 in more than 20 premises located in back, sarigaam (Valsad District), silvassa and Mumbai.
“… documents, diary notings and digital data showing huge unaccounted income by the group and evidence of its investment in property have been seized,” the CBDT said in a statement.
“The evidence clearly indicates evasion of taxable income by adopting various methods such as suppression of production, use of bogus purchase invoices without actual delivery of goods to enhance purchases, availing bogus GST credit, bogus commission expenses claims, etc.” it said.
The Central Board of Direct Taxes (CBDT), which formulates policy for the tax department, said the group received unaccounted money as part of real estate transactions.
“All these have resulted in unaccounted cash generation,” the statement said.
Documents relating to cash transactions and investments in immovable properties and cash loans have also been seized by the tax authority, it said, adding that during the operation, 2.5 crore cash and jewelery worth Rs 1 crore were seized, while 16 banks The accounts have been frozen, the CBDT said. ,
“Preliminary analysis of documents/evidence found during the search indicates that the unaccounted income is likely to be estimated at more than Rs 100 crore,” the statement said.
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