The Central Board of Direct Taxes (CBDT) on Friday said the Income Tax Department detected unaccounted cash of ₹63 lakh and jewellery worth over two crores after it recently raided people engaged in dry fruits trade in Jammu and Kashmir and Punjab.
In a statement, the CBDT said the searches were carried out on October 28. According to the report by news agency, the group has been “inflating” purchases of dry fruits exorbitantly over the years.
“Seized evidence also supports the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases.
“… one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts,” News Agency further quoted the statement as saying.
The policy-making body for the tax department, in the statement, also alleged that one of the groups indulged in unaccounted purchases and sales of dry fruits.
“Excess stock to the tune of ₹40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a benami proprietary concern,” it claimed.
In both the groups, the claim of deduction under section 80IB (deduction in respect of profits and gains from certain industrial undertakings) of the Income Tax Act has been found to be “not genuine” and is estimated to be around ₹30 crore, it claimed.
“The search action has resulted in the seizure of unaccounted cash of ₹63 lakh and jewellery of ₹2 crore and detection of unaccounted income exceeding ₹200 crore,” it said.
Fourteen bank lockers were put “under restraint”, it added.