New Delhi, Nov 5: The Income Tax Department has carried out search and seizure operations in the cases of persons engaged in the business of processing and trading of dry fruits.
The department said that during the search operations conducted on October 28, many incriminating documents including digital evidence were found and seized indicating that the assessee group has been inflating purchases of dry fruits exorbitantly over the years. Seized evidences also support the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases.
Evidence was also unearthed that one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts.
One of the groups is also indulging in unaccounted purchases and sales of dry fruits. Excess stock to the tune of Rs 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a ‘benami’ proprietary concern.
In both the groups, the claim of deduction under section 80IB of the Income-tax Act, 1961 has been found to be not genuine and is estimated to be around Rs 30 crore, the finance ministry said in a statement.
The search action has resulted in seizure of unaccounted cash of Rs 63 lakh and jewellery of Rs 2 crore. Fourteen bank lockers have been placed under restraint. The search action has led to the detection of unaccounted income exceeding Rs 200 crore. Further investigations are in progress.