New Delhi: The Income Tax Department has detected RS 100 Crore income countless after recently invaded Gujarat companies engaged in the field of chemicals and in real estate, the CBDT said on Sunday.
The search was made on November 18 in more than 20 places located in VAPI, Sarigam (Valsad District), Silvassa and Mumbai.
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Amazing evidence in the form of documents, recording diary and digital data that shows the income income that is not achieved by the group and its investment in assets has been confiscated,” CBDT said in a statement.
“Evidence clearly shows the avoidance of taxable income by adopting various modes such as production oppression, the use of fake purchasing invoices without the shipment of actual goods to expand purchases, utilizing Bogus GST credit, etc., etc.,” it said.
Direct Tax Center Board (CBDT), that policy frame for the tax department, said that the group received countless money as part of non-moving property transactions.
“All of this has resulted in the making of countless cash,” said the statement.
Documents related to cash transactions and investment in immovable and cash loans have also been confiscated by Taxman, he said, adding 2.5 crore cash and jewelry worth RS 1 Crore confiscated during the operation while 16 bank accounts have freezes, the CBDT said.
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“Introduction analysis of documents / evidence excavated during the search has indicated that the estimated income that is not achieved is likely to be more than the RS 100 Crore,” said the statement.
Department detects RS 100 CR black income after Raids in the Gujarat group
