New Delhi: The Income Tax Department has disclosed that the department has unaccounted income of over about Rs.100 crore after raids last Thursday spanning 20 locations in Gujarat and Maharashtra.
Officials said that during the search teams seized unaccounted cash of about Rs. 2.5 crore and jewellery of Rs 1 crore. Sixteen bank lockers have been placed under restraint.
A large amount 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, said an official news release.
” The evidence clearly indicates evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices and GST credit, etc. All these have resulted in the generation of unaccounted cash. During the search proceedings, several incriminating evidence about cash transactions in investment in immovable properties and cash loans have also been seized,” said the statement.