New Delhi: The income tax department conducts search and seizure operations in 23 places connected with leading diamond manufacturers and exporters from Gujarat and seize large volumes of countless data.
Raids was carried out on September 22 based on intelligence input on tax evasion.
In accordance with the press release from the Ministry of Finance, apart from the diamond business, the group is also in the business of making tiles.
The operation included 23 premises located in Surat, Navsari, Morbi, Wankaner in Gujarat and Mumbai in Maharashtra.
“The search for the search including the seizure of large volumes of data that was not achieved which was seized in the paper and the digital form, which was stored in a secret location under detention of trusted employees in the letter, Navasari, Mumbai,” reading release.
“The data includes proof of countless purchases, sales that are not achieved, taking accommodation entries for purchases received with cash, cash movements and stock through an angadia company, maintaining countless cash with an angadias, investment of income Calculated for the purchase of property and stock, etc.
for the past five years, “he added.
The main analysis of data revealed that the appraiser had made purchases and sales of small diamonds polished around Rs 518 Crore during the period.
Furthermore, the data revealed that the appraiser had sold more than RS 95 Crore Skrap Diamond in cash produced from its manufacturing activities, which remained countless and representing their income.
“Appraisers, for years, have contributed sales around RS 2,742 small diamond crore in his book, which opposed it, most of the purchases were made in cash, but the billing bill was taken from the provider of accommodation entries,” the ministry informed.
Furthermore, according to the ministry, the appraiser is also a large purchase of rough diamonds through imports and making larger diamond export sales that are greater through companies registered in Hong Kong, which is effectively controlled and managed from India.
“Data revealed that the appraiser had purchased RS 189 Crore and sales of 1,040 crore rs in the last two years through this entity,” they said.
“During search, complete financial transactions of real estate transactions are found which leads to countless income detection 80 crore Add them.
The income tax department, during search operations, was also confiscated by cash and countless jewelry worth Rs 1.95 Crore, and countless diamond stocks from 8900 carats worth Rs 10.98 Crore have been detected so far.
“A large number of group-owned groups have been identified, which have been placed under restraint and will be operated in time,” he added.
The search operation still continues and further investigation is taking place.