Undisclosed income of more than ₹ 100 crore has been detected during searches carried out by the Income Tax department on the premises of a Gujarat-based gutkha distributor.
According to a statement issued by the government, Income Tax officials searched at least 15 premises of the gutkha distributor in Ahmedabad on November 16.
The statement does not disclose the name of the group.
During the raids, unaccounted cash worth about ₹ 7.5 crore and jewellery worth about ₹ 4 crore were recovered. The group has admitted to possessing undisclosed income worth ₹ 30 crore, the government’s statement said.
Income Tax officials also seized various incriminating documents and digital evidence during the November 16 searches, the statement said.
The statement said analysis of these evidence points to tax evasion by the group. This was done by adopting malpractices such as unaccounted purchases of materials, under-invoicing of sales and unaccounted expenditure in cash, the government statement said.
“The search action, so far, has led to the detection of unaccounted income of more than ₹ 100 crore. Out of this, the group has admitted undisclosed income exceeding ₹ 30 crore,” the release said.
Analysis of the seized material has revealed that cash sales were not recorded in account books and that the search team also found evidence suggesting that the group made undisclosed investment in immovable properties, the statement said.
For now, the Income Tax department has sealed the bank lockers of the group and is carrying out further probe into the matter.