New Delhi, Dec 28 The Income Tax Department on Tuesday conducted searches at fifty premises of two business groups of Rajasthan for their involvement in alleged tax fraud. They were hiding undisclosed income of Rs 300 crore.
The search so far has resulted in total seizure of unaccounted cash and jewellery worth Rs 17 crore from both the firms.
A senior income tax official said that one group is engaged in the business of manufacturing electrical switches, wires, LEDs, real estate and hotel business in Rajasthan, Maharashtra and Uttarakhand, whereas the other group is engaged in money lending business in Jaipur and in nearby areas.
Raids were conducted at fifty locations in Jaipur, Mumbai and Haridwar.
A large number of incriminating documents and digital data were seized during the search operations.
"A preliminary analysis of seized evidence revealed that several entities, engaged in the business of manufacturing switches, wires, LEDs, have been selling such goods which are not recorded in the regular books of account," said a senior income tax official.
During investigation, it was also noticed that the business firms were claiming bogus expenses to reduce taxable income. The trail of receipt of cash component on unaccounted sale of goods has also been found.
"In the first case, the company which deals in electric equipment, the team found that the firm was hiding undisclosed income of around Rs 150 crore. The key person of the group has admitted Rs 55 crore as undisclosed income and has offered to pay taxes," said the official.
The official said that the second firm which deals in loan was also hiding undisclosed income of Rs 150 crore.
"We found that most of the loans were given in cash and a relatively high rate of interest was charged. Neither the loans advanced nor the interest income earned thereon, was disclosed in the returns of income of the persons engaged in this business. They hid income of Rs 150 crore," claimed the official.
Further probe in the matter is on.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor