ANI
11 Aug 2022, 16:48 GMT+10
New Delhi [India], August 11 (ANI): The Income Tax Department has carried out a search operation on a Jaipur-based group engaged in the business of gems and jewellery, hospitality and real estate.
The search which was conducted on August 8 covered more than three dozen premises located in Jaipur and Kota.
During the course of the search, a large number of incriminating documentary and digital evidence have been found and seized, a Central Board of Direct Taxes spokesperson said.
"The analysis of seized evidence of real estate business reveals that the group has been indulging in large scale tax evasion by accepting on-money in cash on the sale of residential dwellings and land which has not been recorded in the regular books of account," the spokesperson said.
"Further, evidence pertaining to the out-of-books sale of gems and jewellery were also unearthed during the search."The search also revealed that the unaccounted income so earned has been invested in land, and construction of the luxury hotel and has also been used in financing cash loans. The seized evidence contains details of interest income earned on these cash loans which have not been recorded in the books of account.
A preliminary investigation indicates that the group has indulged in the generation of unaccounted income exceeding Rs 150 crore. So far, the search operation has resulted in the seizure of unaccounted assets exceeding Rs 11 crore.
Further investigations are in progress. (ANI)Get a daily dose of Kolkata Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kolkata Sun.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
NEW DELHI, India: India has decided not to allow a United Nations (UN) investigator to join the investigation into the recent Air India...
New Delhi [India], July 4 (ANI): The Election Commission of India (ECI) met representatives of various political parties at Nirvachan...
Port of Spain [Trinidad and Tobago], July 4 (ANI): Prime Minister Narendra Modi on Thursday (Local Time) announced that citizens of...
Port of Spain [Trinidad and Tobago], July 4 (ANI): Prime Minister Narendra Modi, during his address to the Indian community in Trinidad...
Port of Spain [Trinidad and Tobago], July 4 (ANI): Prime Minister Narendra Modi, during his first official visit to Trinidad and Tobago,...