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Team Studycafe | Aug 12, 2022 | Views 2

Income Tax Department conducts searches in Rajasthan; Seized Unaccounted Assets of Rs.11 crore

Income Tax Department conducts searches in Rajasthan; Seized Unaccounted Assets of Rs.11 crore

The Income Tax Department raids on a Jaipur based group, engaged in the business of gems and jewellery, hospitality and real estate. The search operation has covered more than three dozen premises located in Jaipur and Kota on 03.08.2022.

Large number of incriminating documentary and digital evidences have been found and seized during the search.

The group has been engaged in widespread tax evasion by receiving cash payments on the sale of residential properties and land that have not been documented in the standard books of account, according to a study of real estate business evidence that was confiscated. During the search, additional proof of the sale of stones and jewellery outside of books was also found.

The search also turned up information about unaccounted income that had been earned and invested in real estate, the building of a luxury hotel, and the funding of payday loans. The information from the evidence that was seized included information on interest income from these cash loans that was not entered into the books of accounts.

A preliminary investigation indicates that the group has indulged in generation of unaccounted income exceeding Rs. 150 crore. So far, the search operation has resulted in seizure of unaccounted assets exceeding Rs.11 crore.

More research is currently being done.

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