Undisclosed earnings of greater than Rs 100 crore has been detected throughout searches carried out by the Income Tax division on the premises of a Gujarat-based gutkha distributor.
In line with a press release issued by the federal government, Income Tax officers searched no less than 15 premises of the gutkha distributor in Ahmedabad on November 16.
The assertion doesn’t disclose the identify of the group.
During the raids, unaccounted money value about Rs 7.5 crore and jewelry value about Rs 4 crore have been recovered. The group has admitted to possessing undisclosed earnings value Rs 30 crore, the federal government’s assertion mentioned.
Income Tax officers additionally seized varied incriminating paperwork and digital proof through the November 16 searches, the assertion mentioned.
The assertion mentioned evaluation of those proof factors to tax evasion by the group. This was executed by adopting malpractices equivalent to unaccounted purchases of supplies, under-invoicing of gross sales and unaccounted expenditure in money, the federal government assertion mentioned.
“The search motion, to this point, has led to the detection of unaccounted earnings of greater than Rs 100 crore. Out of this, the group has admitted undisclosed earnings exceeding Rs 30 crore,” the discharge mentioned.
Evaluation of the seized materials has revealed that money gross sales weren’t recorded in account books and that the search group additionally discovered proof suggesting that the group made undisclosed funding in immovable properties, the assertion mentioned.
For now, the Income Tax division has sealed the financial institution lockers of the group and is finishing up additional probe into the matter.