Income tax service detects 100 crore of black money after raids on Gujarat group


The income tax service detected ??100 crore in unrecorded income after it recently raided a Gujarat company engaged in chemical manufacturing and real estate, the CBDT said on Sunday.

The searches were carried out on November 18 in more than 20 premises located in Vapi, Sarigam (Valsad district), Silvassa and Mumbai.

“… incriminating evidence in the form of documents, diary notes and digital data showing the group’s huge unrecorded income gains and investment in assets have been seized,” the CBDT said in a statement. communicated.

“The evidence clearly points to the evasion of taxable income by adopting various modus operandi such as suppressing production, using false purchase invoices without actual delivery of goods to inflate purchases, using a fake GST credit, false commission expense claim, etc. “It said.

The Central Commission on Direct Taxes (CBDT), which oversees the tax department’s policy, said the group received unrecorded money in real estate transactions.

“All of this resulted in the generation of unrecorded cash,” the statement said.

Documents related to cash transactions and investments in real estate and cash loans were also seized by the tax authorities, he said, adding 2.5 crore of silver and jewelry worth ??1 crore was seized during the transaction while 16 bank accounts were frozen, the CBDT said.

“A preliminary analysis of documents / evidence uncovered during the research indicated that the estimate of unrecorded income is likely to be greater than ??100 crore, “the statement read.

This story was posted from an agency feed with no text editing. Only the title has been changed.

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