I-T dept detects Rs 100 cr hidden income after raids on 2 Maharashtra groups

Unaccounted income of more than Rs 100 crore along with undisclosed assets of more than Rs 5 crore. The search action covered more than 20 premises spread over Solapur, Osmanabad, Nashik and Kolhapur districts of Maharashtra

PTIUpdated: Friday, September 09, 2022, 04:20 PM IST
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New Delhi: The income tax department has detected "unaccounted income" of more than Rs 100 crore after it recently raided two Maharashtra-based business groups, the CBDT said Friday.

The searches were launched on August 25 against the two groups that have not been identified by the authorities and are engaged in business of sand mining, sugar manufacturing, road construction, health care and running of medical college, officials said.

More than 20 premises located in Solapur, Osmanabad, Nashik and Kolhapur districts of Maharashtra were covered as part of the action, the Central Board of Direct Taxes (CBDT) said in a statement.

Seized documents and digital data shows the "modus operandi of tax evasion adopted by the group, including booking of bogus expenses, undisclosed cash sales, unexplained loans/credit entries," the statement issued by the administrative body for the tax department said.
In case of the group engaged in sand mining and sugar manufacturing, documentary evidences of "unaccounted" cash sales of sugar exceeding Rs 15 crore have been found and seized, it said.

The group has introduced its unaccounted income in the form of bogus unsecured loans in its books of accounts, the statement said.
"Several lenders to the group, as well as promoters have admitted that unaccounted cash generated by the group exceeding Rs 10 crore was routed in its books of account in this manner."

"Evidences of capital gains of about Rs 43 crore on sale of assets by a non-filer corporate entity have also been seized," the CBDT said.

In the case of the group engaged in the business of healthcare and running of medical college, as also road construction, "evidences of undisclosed cash receipts representing capitation fee and refund of salary and stipend paid to the doctors/PG students have been found."

Instances related to booking of bogus expenses and contractual payments have been found and preliminary estimates of such undisclosed income of the group is to the tune of Rs 35 crore, it said.

“So far, the search action has led to detection of unaccounted income of more than Rs 100 crore," the statement said.

Also, undisclosed assets of more than Rs 5 crore have been seized, it added.

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