Income Tax Department conducts search operations in Gujarat

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Income Tax Department conducts search operations in Gujarat - News and Press Release Dated:- 7-12-2021 - News - The Income Tax Department initiated search and seizure operations on a prominent business group, engaged primarily in the manufacturing of stainless steel and metal pipes, in Ahmedabad on 23.11. 2021 . The search operation covered more than 30 premises in Ahmedabad and Mumbai. Du .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ring the course of the search operation, a large number of incriminating documents, loose sheets, digital evidence etc. have been found and seized. These evidences contain detailed records of the group s unaccounted income on which due taxes have not been paid. A preliminary analysis of evidence indicates that the group is indulging in unaccounted sales of goods and scrap in cash which is not reco .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rded in the regular books of account. Further, incriminating evidence of various malpractices such as unaccounted cash loans advanced and interest earned thereon, expenses incurred in cash, bogus expenses and purchases, unaccounted land investments etc. has also been unearthed. The deleted WhatsApp chat of a key person, detected during the search, revealed evidence of obtaining huge accommodation .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... entries by the group to reduce its taxable income. Certain benami properties have also been identified. The search action has resulted in the seizure of unaccounted cash of ₹ 1.80 crore and unexplained jewellery valued at ₹ 8.30 crore . So far, 18 bank lockers have been put under restraint. The search action has led to the detection of total unaccounted transactions exceeding .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ₹ 500 crore. Further investigations are under progress. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X