New Delhi, June 17 (Agency) Income Tax Department has carried out search and seizure operations on a leading manufacturer and seller of shawls and claimed to have seized unaccounted cash of over Rs 46 lakh, a statement from Central Board of Direct Taxes (CBDT) said on Friday. The search operation conducted on June 15, 2022, covered more than 15 premises spread across Srinagar, Anantnag and Delhi. During the course of the search operation, a large number of incriminating evidences including hard copy documents and digital evidences were found and seized, it added. A preliminary analysis of the seized documents indicated that a substantial portion of sales were allegedly made in cash, which had not been found recorded in the regular books of account, the statement further added.
‘The search action has also revealed that the Group has resorted to large scale tax evasion through undervaluation and under-reporting of stocks. Unaccounted stock of more than Rs. 4 crore has been detected in Delhi alone. The group is also showing exports from India to its various concerns located in Saudi Arabia and the UAE. However, the business in the UAE is found to be carried out in the name of third parties, with informal profit sharing arrangement,’ Surabhi Ahluwalia, Pr Commissioner of Income Tax (OSD), said. ‘The group is found to have made huge unaccounted investment in a large number of immovable properties not only in India, but also abroad. Investigations have further revealed the group’s investment in a luxury hotel which is not fully disclosed in the regular books of account,’ he said.