Income Tax Department unearthed Rs 200 crore black income from Kerala mine operators (Representational)
New Delhi:
The Central Board of Direct Taxes on Monday said the Income Tax Department has detected unaccounted income of Rs 200 crore after the recent raids on two mine operators in Kerala.
The unidentified groups were searched on January 5 and covered 35 premises located in Kottayam, Ernakulam, Thrissur, Palakkad and Kannur.
A parallel set of books of accounts, recording entries of actual sales and receipt of cash, were seized during the raid.
In a statement, the Central Board of Direct Taxes (CBDT) said the mine operators are “involved in suppressing sales in cash on a large scale, including the fact that these transactions are not recorded in the regular books of accounts of the group”.
“The correlation of these evidence also indicates that the unaccounted cash thus generated is systematically invested in the acquisition of fixed assets, used for the business of cash credit, and non-recorded capital in other businesses.” Investment happens,” it said.
Evidence of cash payment for purchase of assets and substantial cash deposits in undisclosed bank accounts has been found, the CBDT statement said.
The policy-making body for the tax department said, “The assessees of the group have sold immovable properties without duly accounting for the capital gains arising from such transactions.”
The CBDT said that so far, unaccounted income of Rs 200 crore has been detected and Rs 2.30 crore has been taken in cash.
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