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Income Tax Dept conducts searches in premises of real estate group in Gujarat

New Delhi [India] : The Income Tax Department on Thursday raided more than 20 premises of a Gujarat-based group engaged in the manufacturing of chemicals and the development of the real estate.The search operation was spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai. According to the Central Board of Direct Taxes (CBDT), a large number of incriminating evidence in the form of documents, diary notings and digital data showing earning of huge unaccounted income by the group and its investment in assets have been found and seized.The evidences clearly indicate evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST (Goods and Services Tax) credit, claim of bogus commission expenses, etc. The assessee group has also received on-money in…

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