Searched 30 premises of group engaged in manufacturing of plywood and other products in Haryana
The Income Tax Department has detected reduced sales of ₹400 crore in the last three years by a group engaged in manufacturing of plywood and other products in Haryana.
The agency covered over 30 premises in Yamuna Nagar, Ambala, Karnal and Mohali (Punjab) during searches on a group manufacturing inverters and vehicle batteries.
The department collected documents and digital evidence, which shows that the group entities involved in the plywood business have maintained a parallel balance of books of account for entries of cash purchase transactions, sales, payment of wages and other expenses apart from the details of investments in real estate. Set maintained. Property.
Evidence indicated that the group was involved in generating cash by reducing sales to the extent of about 40% of the actual figure.
In the case of a battery manufacturing unit, the search team found that payment of wages and purchase of raw materials in cash aggregating to ₹ 110 crore were not recorded in the books of account. With regard to the unit, along with another entity in the lead-refining business, the agency received suspicious purchases of over ₹40 crore from non-existent companies.
Based on the findings, the department alleged that the unaccounted cash generated by the group entities was systematically used for acquisition of immovable properties of prominent persons of plywood and lead-refining businesses.
Unaccounted cash worth more than ₹ 6.60 crore and jewelery worth ₹ 2.10 crore were seized in the search operation. “In all, 22 bank lockers have been kept in restraint and are yet to be operated,” the agency said.
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