New Delhi
The Income Tax Department carried
out search and seizure operation on 05.01.2022 on two groups, engaged in the
business of quarry operation. More than 35 premises spread across
districts of Kottayam, Eranakulam, Thrissur, Palakkad and Kannur have been
covered in the search operation.
During the course of the search operation, various
incriminating documents and digital evidences have been found and seized,
including a parallel set of books of account recording the entries of actual
sales and receipt of cash. These evidences have clearly revealed the modus
operandi being followed by the quarry operators as they are indulging in large
scale suppression of sales made in cash including the fact that these
transactions are not recorded in the regular books of account of the group.
The correlation of these evidences also indicates that
unaccounted cash so generated is systematically invested in acquisition of
immovable properties, used for the business of cash loans, and unrecorded
capital investments in other businesses. The search team has also gathered
evidences of on-money payment for purchase of properties and substantial cash
deposits in undisclosed bank accounts. The assessees of the group have been
found to have sold immovable properties without duly accounting for the capital
gains arising from such transactions.
The search action has resulted in seizure of unaccounted cash of more than Rs 2.30 crore. So far, the search has led to the detection of estimated unaccounted income to the tune of Rs. 200 crore. Further investigations are in progress.
Source : PIB
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