New Delhi, June 22 (FN Agency) The Income Tax Department carried out search and seizure operations on a business group and claimed to have seized cash exceeding Rs 1.30 crore and gold jewellery exceeding Rs 7.90 crore. ‘Prima facie, estimated unaccounted income in excess of Rs 100 crore has been unearthed, so far,’ a statement from the Central Board of Direct Taxes (CBDT) said. The business group is involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, along with some bullion traders. The search and seizure operations conducted on June 16, 2022, covered more than 25 premises spread across Rajasthan and Mumbai. ‘During the course of the search operation, several incriminating documents have been found and seized.
The perusal of seized evidences indicates that the group has indulged in unaccounted cash transactions in real estate business as well as obtaining bogus purchase bills,’ the statement said. ‘The modus operandi of the group has been to suppress profits of the handicrafts business by inflating the purchases in the books of account, through bogus bills of gold and silver arranged from bullion traders. During the search, it has also been seen that cash has been received back against the cheques issued to these bullion traders,’ it added. Cash was found to be allegedly utilised for investment in real estate as well as for obtaining cheques to be introduced as credits into the books of account. The seized evidence also revealed that the group had recently acquired a few shell companies through entry operators, the statement said.