IT dept conducts searches on 3 groups in Jaipur, traces unaccounted transactions of over Rs 1400 cr
Jan 21, 2021
New Delhi [India], January 21 : The Income Tax department carried out search and survey operations in Jaipur on three groups, involving one jeweller and two real-estate colonizers and developers, said the Ministry of Finance on Thursday.
According to the Ministry, a co-ordinated search operation was conducted at 20 premises and survey was conducted at 11 premises on January 19 in which unaccounted and unrecorded transactions exceeding Rs 1400 crore have been unearthed in the search and seizure operation conducted on these three groups.
One of the groups is a prominent builder, developer and colonizer in Jaipur. During the search, a plethora of incriminating documents and digital data in the form of unaccounted receipts, unexplained development expenses, unexplained assets, cash loans and advances, on-money receipts were found and seized, the Ministry stated.
"The highlight of the search was that the complete details of unaccounted transactions of the last 6-7 years of this group maintained in several registers, slip pads, day to day kacchi cash book, expense sheets and diaries hidden in the basement were unearthed and seized from the main business premises. Total unaccounted transactions amounting to Rs 650 crore have been detected, so far in this group," it said.
According to Ministry, the second group is a multi-venture activity group engaged in the business of precious and semi-precious stones, jewellery, antiques, handicrafts, carpets, textiles.
During the course of the search operation, a concealed cavity was detected by the concerted efforts of the team at the main business premises of the assessee. The entire detail of unaccounted manufacturing activity of gold and silver ornaments for the last 6 years was found from the said cavity.
"The Jeweller group had also advanced unaccounted cash loans to various persons amounting to Rs 122.67 crore and is also earning unaccounted interest on the same. The group had also introduced it's unaccounted cash income through the bank accounts of their employees and karigars. To sum up, total unaccounted transactions amounting to Rs 525 crore have been detected, so far, in the group," the Ministry said.
According to the Finance Ministry, the third group is a renowned builder and developer of Jaipur engaged in the development of commercial centres, farmhouses, townships and residential enclaves.
"The search operation has revealed that the assessee group had taken over a real-estate project at the Airport Plaza by showing an investment of Rs 1 lakh only in the books of account whereas, the WIP pertaining to the project, reflected in the balance sheet was found to be about Rs 133 crore. The group had also advanced unaccounted cash loans to various persons amounting to Rs 19 crore and is also earning unaccounted interest on the same. Thus, total unaccounted transactions amounting to Rs 225 crore have been detected, so far," it said.
The Ministry has stated that in all, unaccounted and unrecorded transactions exceeding Rs. 1400 crore have been unearthed due to the search and seizure operation conducted on these 3 groups.
The search operations are still continuing and further investigations are under progress, it said.
