Income Tax Department raids 20 premises of real estate group in Gujarat and seizes 2.5 cr in cash


The income tax department on Thursday raided more than 20 premises of a Gujarat-based group engaged in chemical manufacturing and property development. The search operation was carried out in areas like Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai.

According to the Central Commission for Direct Taxes (CBDT), officials seized a large amount of prosecution evidence that came in the form of documents, diaries and digital data. The evidence was mainly based on the group’s huge unrecorded income gains. Using the evidence, IT managers found the assets they had invested in and seized those properties.

IT managers have uncovered the evidence that clearly indicates taxable income evasion by adopting various modus operandi, including cutting production, using false purchase invoices without actual delivery of goods (to inflate purchases), use of bogus GST (goods and services tax) credit, claiming incidental commission charges, etc.

The accused group has also received real estate transactions, according to the statement from the CBDT. The CBDT said several of such evidence of cash transactions in real estate investments and cash loans were also seized. Officials seized over 2.5 crore rupees in cash and jewelry worth 1 crore rupees during the raid.

The CBDT also placed at least 16 bank lockers under control. The CBDT further added that preliminary analysis of documents / evidence uncovered during the search indicated officials’ estimate that the accused group’s unrecorded income is over Rs 100 crore. Other investigations are already underway.

IT department raids on SAD MLA

Earlier this week on Tuesday, the IT department conducted searches of the residence and offices of MP Shiromani Akali Dal Manpreet Singh Ayali in Ludhiana. IT officials arrived at his home and carried out searches while Manpreet Ayali was inside the house.

He is said to have cooperated with the authorities. A small unit of members of the Central Security Forces was also stationed outside his residence. According to reports, income tax officers and central police also raided his office in Mullanpur Dakha and the Golf Link settlement in Ludhiana.

(with ANI inputs)

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