The Income Tax (I-T) Department had carried out a search and seizure operation on a prominent group engaged in manufacturing of chemicals and development of real estate on November 18, the agency officials informed on Sunday.
The search action covered more than 20 premises in Mumbai, Silvassa and also in Vapi and Sarigam in Gujarat. The search operation has resulted in the seizure of unaccounted cash of about Rs 2.5 crore and jewellery of Rs 1 crore. Sixteen bank lockers have been placed under restraint, the officials stated.
According to the I-T officials, 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.
"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," the I-T officials claimed.
"The assessee group has also received on-money in immovable property transactions. All these have resulted in the generation of unaccounted cash. During the search proceedings, several incriminating pieces of evidence about cash transactions in investment in immovable properties and cash loans have also been seized. 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 agency claimed in a statement.
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