The Income Tax department has detected “unaccounted” income of more than Rs 100 crore after it recently conducted searches against some Bihar-based business groups dealing in real estate and diamond jewellery, the CBDT said on Tuesday.
The raids were launched on November 17 at about 30 premises located in Patna, Bhagalpur and Dehri-on-Sone in Bihar, Lucknow and Delhi.
Unaccounted cash and jewellery worth more than Rs 5 crore were seized and 14 bank lockers sealed during the operation, said the Central Board of Direct Taxes, which frames policy for the tax department.
In the case of a group dealing in gold and diamond jewellery, an analysis of documents and other material shows that it invested its “unaccounted” income in cash in purchase of jewellery, renovation of shops and immovable properties, the CBDT said in a statement without identifying the business groups.
“This group has been found to have introduced unaccounted money of over Rs 12 crore in its books of account in the garb of advance from customers.
“On physical verification of stock, unaccounted funds of more than Rs 12 crore have been found,” it said.
In the case of another group engaged in real estate business, proof of “unaccounted” cash transactions in purchase of land, construction of buildings and sale of apartments has been found.
“The evidence seized in the case of a prominent land broker has further corroborated the above unaccounted transactions. The quantum of such unaccounted cash transactions is more than Rs 80 crore.
“The unaccounted income so earned by the key persons of the group has been invested in acquisition of many immovable properties including large parcels of land,” the statement said.
So far, the CBDT said, unaccounted transactions exceeding Rs 100 crore have been detected.
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