“…incriminating evidence in the form of documents, diary noting, and digital data showing earning of huge unaccounted income by the group and its investment in assets have been seized,” the CBDT said in a statement.
The CBT (Central Board of Direct Taxes) said on Monday that after raiding a Gujarat company that was engaged in manufacturing chemicals and real estate found with 100 crores income. The Income Tax Department has detected this income of Rs 100 crore as unaccounted income.
On November 18 at more than 20 premises located in Vapi, Sarigam (Valsad district), Silvassa, and Mumbai the investigations were conducted.
The CBDT said in a statement that “…incriminating evidence in the form of documents, diary noting, and digital data showing earning of huge unaccounted income by the group and its investment in assets have been seized.”
“The evidence indicates evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST credit, claim of bogus commission expenses, etc,” it said.
The CBDT (Central Board of Direct Taxes), which is responsible for framing policy for the tax department, said that as an aspect of immovable property transactions the group obtained unaccounted money.
The statement said, “All these have resulted in the generation of unaccounted cash.”
It was also disclosed that the taxman has seized documents related to cash transactions and investments in immovable properties and cash loans.
The CBDT said during the operation of raiding 2.5 crore cash and jewellery worth Rs 1 crore was seized while 16 bank accounts were frozen.
“A preliminary analysis of the documents/evidence unearthed during the search has indicated that estimation of unaccounted income is likely to be more than Rs 100 crore,” the statement said.
