The Income Tax Department carried out search and seizure operations last week in cases involving dry fruit traders.
New Delhi: The Income Tax Department carried out search and seizure operations on October 10, 2021, to investigate cases related to individuals engaged in the business of processing and trade of dry fruits.
During the search operations, the IT Department found many incriminating documents including digital evidence indicating that the assessee group has been inflating purchases of dry fruits exorbitantly over the years.
Seized evidence also supports the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases. Evidence was also unearthed that one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts.
One of the groups is also indulging in unaccounted purchases and sales of dry fruits. Excess stock to the tune of Rs. 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a Benami proprietary concern.
In both groups, the claim of deduction under section 80IB of the Income-tax Act, 1961 has been found to be not genuine. The claim is estimated to be around Rs 30 crores.
The search has resulted in the seizure of unaccounted cash of Rs 63 lakh cash and jewellery worth Rs 2crore. Moreover, the department has put 14 bank lockers under restraint. Overall, the searches have led to the detection of unaccounted income exceeding a whopping Rs 200 crores.
