Income Tax Department conducts search operations in Gujarat

 







The Income Tax Department has conducted search and seizure operations on a prominent business group, engaged primarily in the manufacturing of stainless steel and metal pipes, in Ahmedabad on 23 November.


The search has resulted in the seizure of unaccounted cash of ₹1.80 crore and jewellery valued at ₹8.30 crore. So far, 18 bank lockers have been put under restraint. The search also led to detection of total unaccounted transactions exceeding ₹500 crore

In a statement, the department said that the search operation covered more than 30 premises of the business group in Ahmedabad and Mumbai. I-T officials found and seized a large number of incriminating documents, loose sheets, digital evidence etc.

The evidence contain detailed records of the group’s unaccounted income on which due taxes have not been paid. A preliminary analysis of evidence indicates that the group indulged in unaccounted sales of goods and scrap in cash which is not recorded in the regular books of account, the department’s statement said.

Further, incriminating evidence of various malpractices such as unaccounted cash loans advanced and interest earned thereon, expenses incurred in cash, bogus expenses and purchases, unaccounted land investments etc. has also been unearthed by the I-T department.

The deleted WhatsApp chat of a key person, detected during the search, revealed evidence of obtaining huge accommodation entries by the group to reduce its taxable income. Certain benami properties have also been identified, the investigations revealed. Further investigations are in progress.


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