I-T raids on 25 places in Maharashtra, cash & jewellery recovered

The Income Tax Department on Tuesday conducted searches at 25 premises of two business groups in Maharashtra’s Nandurbar and Dhule districts for their alleged involvement in tax fraud.

The preliminary investigation indicated that these two groups have evaded income to the extent of Rs 150 crore. The I-T officials said that they recovered more than Rs five crore in cash and jewellery worth Rs five crore.

A senior income tax official said that these groups were engaged in the business of civil construction and land development.

“The search operation covered more than 25 premises spread across Nandurbar, Dhule and Nashik. During the search and seizure operation many incriminating documents, loose papers, and digital evidence have been found and seized,” said the official.

The official said that the seized documents clearly revealed that the firms have resorted to large-scale suppression of taxable income by inflating their expenses, primarily by way of the claim of non-genuine sub-contract expenses and unverifiable old sundry creditors.

The I-T official detected that these subcontracts were awarded to the family members and their employees who have not rendered services in this regard.

Evidence has also been gathered about the unrecorded expenses incurred in cash. The preliminary investigation indicates that this group has evaded income to the extent of Rs 150 crore on account of the above malpractices.

“We also found that a substantial part of the land transactions have been carried out in cash which are not accounted for in the regular books of account. Incriminating documents evidencing receipt of ‘on-money’ on land transactions and cash loans exceeding Rs 52 crore have been found and seized,” said the official.

Further investigations in the matter are on.




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