IT Raid
IT raids on Gujarat Gutkha distributor detect Rs 100 cr unaccounted income
New Delhi/IBNS: The Income Tax department has detected unaccounted income of more than Rs 100 crore during a series of raids at the properties of a leading Gutkha distributor in Ahmedabad, the Finance Ministry said in a statement.
The raids were conducted on November 16 covering more than 15 premises at different locations in Ahmedabad.
During the course of the search action, various incriminating documents and digital evidence were found and seized.
The preliminary analysis of the evidence clearly indicates evasion of taxable income by adopting various malpractices such as unaccounted purchases of materials, under-invoicing of sales, and unaccounted expenditure incurred in cash.
Further analysis of seized material reveals that part of these cash sales has not been recorded in the books of accounts.
The search team has also unearthed evidence of undisclosed investment in immovable properties.
"The search operation has resulted in the seizure of unaccounted cash of about Rs 7.50 crore and unexplained jewellery of about Rs 4 crore.
"The series of raids led to the detection of unaccounted income of more than Rs. 100 crore. Out of this, the group has admitted undisclosed income exceeding Rs 30 crores," the statement said.
Further investigations are under progress, it added.
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