Income Tax Department conducts search operations in Gujarat
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- By Chetan Kulasri
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- Last Updated on 1 November, 2022
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Press Release, dated 02-08-2022
The Income-tax Dept. has carried out search and seizure operations on prominent business conglomerate engaged in diversified fields of Textiles, Chemicals, Packaging, Real estate, and Education.
Various incriminating evidence in the form of documents and digital data has been found and seized. The 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 search action has resulted in unearthing unaccounted transactions exceeding Rs. 1,000 crores. So far, unaccounted cash of Rs. 24 crore and unexplained jewellery bullion, etc. valued at Rs. 20 crores have been seized during the search.
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