New Delhi, Sep 10: The Income Tax Department on Friday said that it unearthed Rs 100 crore during a search and seizure action on August 25 on two groups engaged in sand mining, sugar manufacturing, road construction, healthcare, and running of medical colleges in Maharashtra. The search action covered more than 20 premises spread over Solapur, Osmanabad, Nashik, and Kolhapur districts of Maharashtra.
During the course of the searches, a large amount of incriminating evidence, in the form of hard copy documents and digital data were found and seized.” this evidence reveals various modus-operandi of tax evasion adopted by the group, including the booking of bogus expenses, undisclosed cash sales, unexplained loans, credit entries,” said the official.
In the case of the group engaged in sand mining and sugar manufacturing, documentary evidence of unaccounted cash sales of sugar exceeding Rs 15 crore was found and seized.
The search action revealed that the group introduced its unaccounted income in the form of bogus unsecured loans in its books of accounts. Several lenders to the group, as well as promoters of the group, admitted that unaccounted cash generated by the group exceeding Rs 10 crore was routed in its books of account in this manner. Evidence of capital gains of about Rs 43 crore on the sale of assets by a non-filer corporate entity was also seized.
In the other group engaged in the business of healthcare and running of medical college, as also road construction, evidence of undisclosed cash receipts representing capitation fee and refund of salary and stipend paid to the doctors/PG students have been found. Moreover, evidence regarding booking of bogus expenses and contractual payments, etc. has been found & seized.
“Preliminary estimates of such undisclosed income of the group is to the tune of Rs 35 crore. So far, the search action has led to the detection of unaccounted income of more than Rs 100 crore. Further, undisclosed assets of more than Rs 5 crore have been seized,” said the official. Further investigations in the matter are on.
