During searches conducted by the Income Tax department on the premises of a Gujarat-based gutkha distributor, the Income Tax department discovered undisclosed income totaling more than 100 crore.
According to a government statement, on November 16, Income Tax officials searched at least 15 premises of the gutkha distributor in Ahmedabad.
The identity of the group is not revealed in the statement.
Unaccounted cash worth about 7.5 crore and jewellery worth about 4 crore were recovered during the raids. According to the government’s statement, the group admitted to having undisclosed income worth 30 crore.
During the November 16 searches, Income Tax officials also seized various incriminating documents and digital evidence, as per the statement.
According to the statement, an examination of the evidence points to the group engaging in tax evasion. This was accomplished through the use of unethical practises such as unaccounted material purchases, under-invoicing of sales, and unaccounted cash expenditures, according to a government statement.
“So far, the search operation has resulted in the discovery of unaccounted income totaling more than 100 crore. The group has admitted undisclosed income in excess of 30 crore as a result of this “According to the press release
The search team also discovered evidence suggesting the group made undisclosed investments in immovable properties, according to the statement. Cash sales were not recorded in account books, and the search team also discovered evidence suggesting the group made undisclosed investments in immovable properties, according to the statement.
For the time being, the Income Tax Department has shut the group’s bank lockers and is conducting further investigation.