New Delhi, July 7 (Agency) The Income Tax Department has carried out search and seizure operations on a group engaged in the business of mining, processing and trading of black stones in Odisha and claimed to have seized unaccounted cash, jewellery and bullion exceeding Rs 1 crore. The search operation covered more than 15 premises located at Bhubaneswar, Jajpur, Cuttack, Dhenkanal, Keonjhar, Hyderabad, Kolkata, Gurugram and Noida, a statement from the Central Board of Direct Taxes (CBDT) said on Thursday.
‘During the search and seizure operations, various incriminating documentary and digital evidences, including hand-written books and loose sheets, have been found and seized. The seized documents contain systematic details of cash sales and bogus sundry creditors exceeding Rs. 80 crore. The analysis of seized documents indicates that these cash sales are undisclosed and are not recorded in the regular books of account of the group,’ the statement said. The group was found to have allegedly made huge unaccounted investments in acquisition of properties, it added.