IT Dept searches Jaipur-based business group, evidence reveals large-scale tax evasion
Aug 11, 2022
New Delhi [India], August 11 : 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.
