New Delhi, Sep 9 (Bureau) The Income Tax Department searched two business groups engaged in sand mining, sugar manufacturing, road construction, healthcare and medical colleges in Maharashtra and claimed to have seized undisclosed assets worth more than Rs 5 crore.The searches took place on August 25 and covered more than 20 premises spread over Solapur, Osmanabad, Nashik and Kolhapur districts. “A large number of incriminating evidences have been found and seized. These reveal various modus operandi of tax evasion including booking of bogus expenses, undisclosed cash sales, unexplained loans and credit entries,” the department said.
“In case of the group engaged in sand mining and sugar manufacturing, documentary evidences of unaccounted cash sales of sugar exceeding Rs 15 crore have been found and seized,” it said. “The group has introduced unaccounted income in the form of bogus unsecured loans in its books of accounts. Several lenders to the group as well as promoters have admitted that unaccounted cash exceeding Rs 10 crore was routed in its books of accounts,” the statement said.” Evidences of capital gains of about Rs 43 crore on sale of assets … have also been seized.