I-T dept conducts searches in Gujarat; seizes Rs 2.5 cr cash – New Delhi News
The search operation has resulted in seizure of unaccounted cash of about Rs 2.5 crore and jewelry of Rs 1 crore.
The search motion coated greater than 20 premises unfold over Vapi and Sarigam in Gujarat, Silvassa and likewise in Mumbai.
The division mentioned that a lot of incriminating evidences in the type of paperwork, diary notings and digital knowledge displaying incomes of giant unaccounted revenue by the group and its funding in property have been discovered and seized.
The evidences clearly point out evasion of taxable revenue by adopting varied modus-operandi akin to suppression of manufacturing, use of bogus buy invoices with out precise supply of the products to inflate purchases, availing of bogus GST credit score and declare of bogus fee bills amongst others, the division mentioned in a press release.
The assessee group has additionally acquired on-cash in immovable property transactions. All these have resulted into era of unaccounted cash.
During the search proceedings, a number of incriminating evidences about cash transactions in funding in immovable properties and cash loans have additionally been seized.
16 financial institution lockers have been positioned underneath restraint.
A preliminary evaluation of the paperwork/proof unearthed through the search has indicated that estimation of unaccounted revenue is more likely to be greater than Rs 100 crore.
Further investigations are in progress.