New Delhi : , Nov 23, 2003 – The Income Tax Department conducted search and seizure operations against a prominent Gutkha distributor in Gujarat.More than 15 locations were searched in Ahmedabad. The search operation on November 16 resulted in the discovery of various documents and digital evidence.According to the department, its initial analysis of the evidence showed that evasion of taxable income was possible through various malpractices, such as unaccounted material purchases, uninvoicing sales and cash expenditures.
It was further revealed that cash transactions of some of the seized materials were not recorded in books of accounts.Evidence of unreported investment in immovable property was also discovered by the search team.
Unaccounted cash amounting to Rs 7.50 crore was seized.Unexplained jewellery worth Rs 4 crore also seized.Bank lockers have been subject to prohibition orders.
So far the search operation has resulted in unaccounted income exceeding Rs 100 crore.The group also admitted income that was greater than Rs.30 crore.
Additional investigations are ongoing.
sn/skp/ #Dept #searches #Gutkha #distributors #Gujarat #Delhi
.
