Thursday, Jan 27 2022 | Time 22:16 Hrs(IST)
Business Economy

I-T dept raids Rajasthan-based group engaged in real estate and liquor trade, claims Rs 50 crore hidden cash

New Delhi, Nov 4 (UNI) Carrying out search and seizure operations on a group engaged in the business of real estate, sand-mining and liquor trade in Rajasthan, the Income Tax (I-T) department has claimed to have detected unaccounted income of more than Rs 50 crore.

"The search action has led to the detection of total unaccounted income exceeding Rs 50 crore. Out of the above, the assessees have admitted unaccounted income exceeding Rs 35 crore and offered to pay due taxes on the same. Further investigations are in progress," said the I-T department in an official statement on Thursday.

The taxmen had carried out the search and seizure operations on October 28 and covered as many as 33 premises in the border districts of Rajasthan.

The search operation has resulted in seizure of unaccounted cash of Rs 2.31 crore and unexplained jewellery of Rs 2.48 crore.

"During the course of the search, documentary evidences were found and seized indicating receipt of unaccounted cash as well as utilisation of the same towards purchase of land. Further, documentary evidence of cash sales of sand has been found and seized. The analysis of the same reveals that part of these cash sales have not been recorded in the books of accounts," the statement said.

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