Income tax officers detect unaccounted for cash exceeding Rs 200 crore

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Income tax officials have carried out a series of raids on the premises of dried fruit traders in Punjab, Jammu and Kashmir which have detected unaccounted for income exceeding Rs 200 crore.

According to the Income Tax Department, dried fruit traders had engaged in Benami properties, selling and buying unrecorded dried fruit. Tax officials seized excess inventory of Rs 40 crore, unrecorded cash of Rs 63 crore and jewelry of Rs 2 crore.

The IT department also seized fourteen bank lockers that were allegedly used to hold unrecorded cash, Benami property papers and jewelry, a senior finance ministry official said.

In addition, the accused had also claimed a deduction under section 80IB of the Income Tax Act 1961, which was found to be false. According to a rough estimate, the tax benefits derived from the use of false documents could amount to Rs 30 crore.

During the search operations, the team also found numerous incriminating documents, including digital evidence that the defendants had exorbitantly inflated purchases of dried fruit over the years.

The evidence seized also supports the fact that unrecorded cash was collected by group executives against payment made for these purchases. The defendants allegedly kept a series of parallel accounting books and there was a huge difference between the sales and purchases recorded in the two sets of accounting books.


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