Highlights:

  • IT Department has carried out a search and seizure operation at the premises of prominent groups
  • Evidence was acquired in the form of documents, diary noting, and digital data
  • The search was carried out the previous week at 20 premises

On Monday, the Income Tax Department affirmed that it has carried out a search and seizure operation at the premises of a prominent group associated with the development of chemicals and the establishment of real estate in Gujarat and Maharashtra.

A statement issued by the finance ministry reads, “The search operation has resulted in the seizure of unaccounted cash of about Rs 2.5 crore and jewelry of Rs 1 crore and 16 bank lockers have been placed under restraint.” The statement added that a preliminary analysis of the documents/ evidence that has been recovered during the search has directed that estimation of unaccounted income is expected to be over Rs 100 crores.

The statement mentioned that evidence was acquired in the form of documents, diary noting, and digital data exhibiting huge amounts of unaccounted income by the group. It asserted that its investment in the asset has been found and seized. The statement further noted, “The evidence clearly indicates evasion of taxable income by adopting various modus operandi such as suppression of production, use of the bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST credit, claim of bogus commission expenses, etc.”

The search was carried out the previous week at 20 premises at Vapi and Sarigam (Gujarat), Silvassa, and Mumbai. The statement affirmed that an investigation is underway.

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