November 22, 2024 23:48 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing
I-T Dept recovers Rs 24 cr in Gujarat
IT Raids

I-T Dept recovers Rs 24 cr in Gujarat

| @indiablooms | 02 Aug 2022, 09:53 pm

New Delhi: The Income Tax Department has carried out a search and seizure operation on a prominent business conglomerate engaged in the fields of textiles, chemicals, packaging, real estate, and education in Gujarat, an official statement said on Tuesday.

The department said it seized cash of Rs 24 crore and jewellery valued at Rs 20 crore.

It also said the search action resulted in unearthing unaccounted transactions exceeding Rs 1,000 crore.

The search conducted on July 20 covered a total of 58 premises, spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.

'Various incriminating evidence in the form of documents and digital data have been found and seized. This evidence reveals that the group has been engaged in large-scale tax evasion by adopting various methods, including, by way of unaccounted cash sales outside the books of account, booking of bogus purchases, and on-money receipts from real estate transactions,' the statement said.

The group has allegedly been found involved in the layering of unaccounted sums through share premiums from Kolkata-based shell companies.

'Certain instances of unaccounted income generated through cash-based ‘sarafi’ (unsecured) advances made have also been found. It was also found that the group has been involved in profiteering through manipulation of share prices of its listed companies through operators. Evidences seized also reveal that the group has been siphoning off funds through fictitious entities for personal use of promoters,' the statement said.

Further, analysis of evidence suggested that the group was also allegedly involved in manipulation of books of account of its public limited companies, it said.

(With UNI inputs)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.