Income Tax Department conducts searches in Gujarat

RELEVANT EXTRACT 

The Income Tax Department has carried out a search and seizure operation on a  prominent group engaged in manufacturing of chemicals and development of real estate  on 18.11.2021. The search action covered more than 20 premises spread over Vapi and  Sarigam in Gujarat, Silvassa and also in Mumbai.

A large number of incriminating evidences 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 evidences clearly indicate 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  assessee group has also received on-money in immovable property transactions. All  these have resulted into generation of unaccounted cash. During the search proceedings,  several incriminating evidences about cash transactions in investment in immovable  properties and cash loans have also been seized.

The search operation has resulted in seizure of unaccounted cash of about Rs. 2.5  crore and jewellery of Rs. 1 crore. 16 bank lockers have been placed under restraint.

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.

Further investigations are in progress.

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

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