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 Professional Autos 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 Professional Autos.
More InformationREDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
As UK summers become hotter, with longer periods of high temperature extremes, the impact will reach far beyond personal discomfort,...
Pyongyang sent troops to help repel Ukrainian invasion in western Russia Russian Foreign Minister Sergey Lavrov began his three-day...
DAZHOU, July 12 (Xinhua) -- The main body of a bridge of Xi'an-Chongqing high-speed railway over an expressway linking Yingshan and...
Tirumala (Andhra Pradesh) [India], July 12 (ANI): Union Minister of State for Home Affairs Bandi Sanjay Kumar raised strong objections...
Peshawar [Pakistan], July 12 (ANI): A recent report by the Provincial Inspection Team has shed light on the government's failures in...
Tel Aviv [Israel], July 12 (ANI): Gaza has become the graveyard of children and starving people, UNRWA chief Philippe Lazzarini said,...