New Delhi, September 9
The income tax department has detected “unaccounted income” of more than Rs 100 crore after it recently raided two Maharashtra-based business groups, the CBDT said on Friday.
The searches were launched on August 25 against the two groups that have not been identified by the authorities and are engaged in business of sand-mining, sugar-manufacturing, road construction, health care and running of a medical college, officials said.
More than 20 premises located in Solapur, Osmanabad, Nashik and Kolhapur districts of Maharashtra were covered as part of the action, the Central Board of Direct Taxes (CBDT) said in a statement.
Seized documents and digital data show the “modus operandi of tax evasion adopted by the group, including booking of bogus expenses, undisclosed cash sales, unexplained loans/credit entries,” the statement issued by the administrative body for the tax department said.
In case of the group engaged in sand mining and sugar manufacturing, documentary evidences of “unaccounted” cash sales of sugar exceeding Rs 15 crore have been found and seized, it said.
The group has introduced its unaccounted income in the form of bogus unsecured loans in its books of accounts, the statement said.
“Several lenders to the group, as well as promoters have admitted that unaccounted cash generated by the group exceeding Rs 10 crore was routed in its books of account in this manner.”
“Evidences of capital gains of about Rs 43 crore on sale of assets by a non-filer corporate entity have also been seized,” the CBDT said.