Income Tax Department conducts search operations in Gujarat

RELEVANT EXTRACT 

The Income Tax Department initiated search and seizure operations on a  prominent business group, engaged primarily in the manufacturing of stainless steel  and metal pipes, in Ahmedabad on 23.11. 2021.The search operation covered more  than 30 premises in Ahmedabad and Mumbai.

During the course of the search operation, a large number of incriminating  documents, loose sheets, digital evidence etc. have been found and seized. These  evidences contain detailed records of the group’s unaccounted income on which due  taxes have not been paid. A preliminary analysis of evidence indicates that the group  is indulging in unaccounted sales of goods and scrap in cash which is not recorded  in the regular books of account. Further, incriminating evidence of various  malpractices such as unaccounted cash loans advanced and interest earned  thereon, expenses incurred in cash, bogus expenses and purchases, unaccounted  land investments etc. has also been unearthed. The deleted WhatsApp chat of a key  person, detected during the search, revealed evidence of obtaining huge  accommodation entries by the group to reduce its taxable income. Certain benami  properties have also been identified.

The search action has resulted in the seizure of unaccounted cash of Rs. 1.80  crore and unexplained jewellery valued at Rs. 8.30 crore. So far, 18bank lockers  have been put under restraint. The search action has led to the detection of total  unaccounted transactions exceeding Rs.500 crore.

Further investigations are under progress.

Source – https://www.incometaxindia.gov.in/

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