Income Tax Department conducts searches on a leading Gutkha distributor in Gujarat

RELEVANT EXTRACT 

The Income Tax Department carried out search and seizure operations on a leading  Gutkha distributor of Gujarat on 16.11.2021. The search action covered 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 these evidences clearly indicate 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 have not been recorded in  the books of accounts. The search team has also unearthed evidences 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.4.00 crore. Prohibitory orders have also  been placed on bank lockers.

The search action, so far, has 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 crore.

Further investigations are under progress.

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

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