Income Tax Service conducts research in Gujarat


Ministry of Finance

Income Tax Service conducts research in Gujarat

Posted on: 21 NOV 2021 10:07 AM by PIB Delhi

The Income Tax Department conducted a search and seizure operation on a large group engaged in the manufacture of chemicals and the development of real estate on 11/18/2021. The research action covered more than 20 rooms spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai.

A large body of incriminating evidence in the form of documents, diary notes and digital data showing the group’s huge unrecorded income gains and investment in assets have been found and seized. Evidence clearly points to evasion of taxable income by adopting various modus operandi such as cutting production, using fake purchase invoices without actual delivery of goods to inflate purchases, using fake credit GST, claiming incidental commission charges, etc. the group of the appraised also received a deposit in connection with real estate transactions. All of this resulted in the generation of unrecorded cash. During the search procedure, several pieces of evidence relating to cash transactions of real estate investments and cash loans were also seized.

The search operation resulted in the seizure of unrecorded cash of approximately Rs. 2.5 crore and jewelry Rs.1 crore. 16 bank lockers were placed under duress.

Preliminary analysis of documents / evidence uncovered during the research indicated that the estimate of unrecorded income is likely to be greater than Rs. 100 crore.

Further investigations are in progress.

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RM / KMN

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Disclaimer

Ministry of Finance of the Republic of India published this content on November 21, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 21, 2021 04:53:00 AM UTC.


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