New Delhi, Aug 27: In a search and seizure operations covering 40 premises of a Rajkot-based builder, the Income Tax (I-T) Department has discovered that the company allegedly concealed income in excess of Rs 300 crore. The taxmen have also found Rs 6.40 crore of unaccounted cash and jewellery worth Rs 1.70 crore from various premises. As many as 25 lockers were found during the search operations and they have been put under prohibitory orders. An official spokesperson of the I-T department said that substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash, has been found. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. “Total unaccounted cash receipts in various projects of approximately Rs 350 crore have been unearthed along with corroborative evidence. Further, evidence related to land purchase of approximately Rs 154 crore has also been found, out of which, Rs 144 crore was purportedly paid in cash,” said the official statement. In a separate operation on a group based in Visakhapatnam, the Tax department said it had found unaccounted cash of Rs 3 crore. In total, the searches have resulted in detecting incriminating evidence relating to undisclosed financial transactions of about Rs 40 crore. The group entities under scanner are engaged in extraction of vegetable oils, mining of manganese ore, and manufacturing of ferro alloys. Further investigations are on in both the cases.
