IT raids lead to detection of Rs 120 crore in undisclosed income

Tribune News Service
New Delhi, November 16

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The Income Tax Department carried out a search and seizure operation on a group at Pune manufacturing heavy equipment. The search operation has covered around 25 locations across seven cities in India.

The search action has led to the detection of total unaccounted income exceeding Rs 200 crore. Out of the above, the assessee group has, so far, admitted to unaccounted income of Rs 120 crore, said an official news release.

It also led to the seizure of unaccounted cash and jewellery of Rs 1 crore. Three bank lockers found during the search have been placed under restraint.

Analysis of evidence shows that the assessee has been suppressing its profit by the artificial lowering of sales through credit notes and bogus claims of expenses through unsubstantiated trade payables.

Further investigations are in progress.