Income tax department holds searches in Punjab, J&K

 







The operation held last Thursday also led to the detection of unaccounted cash of ₹63 lakh and jewellery of ₹2 crore, the department said. As part of the operation, 14 bank lockers have been placed under restraint.

During the search operations, many incriminating documents including digital evidence were seized indicating that one of the assessee groups has been inflating purchases of dry fruits exorbitantly over the years.

Seized evidences suggest unaccounted cash has been received back by the directors of the group against payment made for such purchases. Evidence was also unearthed that one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts.

The department said that one of the groups has been indulging in unaccounted purchases and sales of dry fruits. Excess stock to the tune of ₹40 crore has been found. Analysis of seized material and evidence collected reveals that one of the groups was also running a benami proprietary concern.

In both groups, the claim of deduction under section 80IB of the Income Tax Act has been found to be not genuine and is estimated to be around ₹30 crore, said the tax department statement. Further investigations are in progress, it said.

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