Searched Group engaged in chemicals manufacturing, real estate
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 November 18.
Without revealing the name of the Group, the IT department said that the search action covered more than 20premises spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai.
A preliminary analysis of the documents/evidence unearthed during the search has indicated that estimation of unaccounted income is likely to be more than ₹ 100 crore, an official release said.
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 release added.
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 release added.
The search operation has resulted in seizure of unaccounted cash of about ₹ 2.5 crore and jewellery of ₹1 crore. 16 bank lockers have been placed under restraint.