Rs 100 crore in black money detected in tax raid on Gujarat chemicals & real estate company

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The Income Tax Department has unearthed more than Rs 100 crore in unaccounted income during a search and seizure operation on a prominent group in Gujarat engaged in the manufacturing of chemicals and development of real estate, according to a finance ministry statement issued on Sunday.</p>
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The search action covered more than 20 premises of the country spread over Vapi and Sarigam in Gujarat, Silvassa in Dadra and Nagar Haveli and also in Mumbai.</p>
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The search operation carried out on Thursday has also resulted in seizure of unaccounted cash of about Rs. 2.5 crore and jewellery of Rs 1 crore while 16 bank lockers have been sealed as investigations are still in progress.</p>
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A large amount of incriminating evidence in the form of documents, diary notings and digital data showing earning of huge unaccounted income by the group and its investment in assets has been seized.</p>
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The evidence clearly indicates evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST credit and claim of bogus commission expenses.</p>
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The assessee group has also received hard cash in immovable property transactions. All these have resulted into generation of unaccounted cash. During the search proceedings, incriminating evidence related to cash transactions for buying immovable properties and cash loans has also been seized.</p>