Unaccounted income of more than Rs 100 crore in Nasik Income Tax Search Operation
On October 21, 2021, the Income Tax Department conducted a search and seizure operation in the case of a person engaged in the real estate business, primarily operating as a land aggregator in Nashik.
Many incriminating documents, including land agreements, notarized documents, and other papers evidencing large scale cash transactions for property acquisition, were discovered and seized during the search and seizure operation. Digital evidence extracted from computers and mobile phones also confirms such transactions.
Furthermore, a large amount of unaccounted cash was discovered in several private vaults. Unaccounted cash totaling Rs. 23.45 crore has so far been seized. One locker is prohibited from being used.
The main people who had used their unaccounted income to buy large plots of land were also searched. The majority of these people work in the wholesale trading of onions and other cash crops in Maharashtra’s Pimpalgaon Baswant region. Incriminating evidence, such as records of large cash transactions made by these traders for property investments, has also been discovered and seized. Several bank lockers discovered during the search have been placed under prohibition.
As a result of the search operation, unaccounted income totaling more than Rs. 100 crore has been discovered so far. The evidence gathered is being examined, and additional investigations are being conducted.