I-T Department Conducts Searches On 20 Premises Of Prominent Real Estate Group

The search action covered over 20 premises spread over Vapi & Sarigam in Gujarat, Silvassa, and Mumbai.

Representational Image. (File Photo)

New Delhi: The Income Tax Department has seized unaccounted cash amounting to Rs 2 crore following an operation conducted on a prominent group engaged in the manufacturing of chemicals and development of the real estate, said the Central Board of Direct Taxes (CBDT).

The search action covered over 20 premises spread over Vapi & Sarigam in Gujarat, Silvassa, and Mumbai.

"A large number of incriminating evidence in the form of documents, diary notings, and digital data showing earning of huge unaccounted income by the group and its investment in assets have been found and seized," the CBDT spokesperson informed ANI.

A large number of incriminating evidences in the form of documents, diary notings, and digital data showing earning of huge unaccounted income by the group and its investment in assets have been found and seized: CBDT Spokesperson

— ANI (@ANI) November 21, 2021

As per the CBDT, 16 bank lockers have been placed under restraint. The search operation, so far, has led to an indication of a total unaccounted income of more than 100 crores.

"The search operation has resulted in the seizure of unaccounted cash of about Rs 2.5 crores and jewellery of Rs 1 crore," the CBDT spokesperson further said.

Evidence indicate evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices without actual delivery of goods to inflate purchases, availing of bogus GST credit, claim of bogus commission expenses, etc, the spokesperson added.

"The assessee group also received on-money in immovable property transactions. All these have resulted in the generation of unaccounted cash. During the search, several incriminating evidence about cash transactions in investment in immovable properties & cash loans were seized," the spokesperson further said.

(With inputs from ANI)