The Income Tax Department has detected unaccounted income of over Rs 200 crore after it not too long ago raided folks engaged in dry fruits commerce positioned in Jammu and Kashmir and Punjab, the Central Board of Direct Taxes (CBDT) stated on Friday.
The searches, it stated in an announcement, have been carried out on October 28.
The group has been “inflating” purchases of dry fruits exorbitantly over time.
“Seized proof additionally helps the truth that unaccounted money has been obtained again by the administrators of the group towards fee made for such purchases.
“… one of many assessees was sustaining a parallel set of books of accounts and there was an enormous distinction between the gross sales and purchases recorded in each the units of books of accounts,” the assertion stated.
One of the teams, the policy-making physique for the tax division alleged within the assertion, additionally indulged in unaccounted purchases and gross sales of dry fruits.
“Excess inventory to the tune of Rs 40 crore has been discovered. The evaluation of seized materials and proof collected reveals that one of many teams can be operating a benami proprietary concern,” it claimed.
In each the teams, the declare of deduction below part 80IB (deduction in respect of earnings and features from sure industrial undertakings) of the Income Tax Act has been discovered to be “not real” and is estimated to be round Rs 30 crore, it claimed.
“The search motion has resulted within the seizure of unaccounted money of Rs 63 lakh and jewelry of Rs 2 crore and detection of unaccounted income exceeding Rs 200 crore,” it stated.
Fourteen financial institution lockers have been put “below restraint”, it added.
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