The Income Tax Department has detected undisclosed revenue of greater than Rs 500 crore after it not too long ago raided a Jaipur-based group engaged in manufacturing and export of jewelry and colored gem stones, the CBDT mentioned on Wednesday.
Around fifty premises had been searched by the division throughout the raids launched on November 23.
The tax division additionally seized Rs 4 crore money and jewelry valued at Rs 9 crore throughout the motion in opposition to the unidentified group.
“So far, detection of undisclosed income of more than Rs 500 crore has been made in the group, out of which an aggregate amount of Rs 72 crore has been admitted by the respective group entities as their undisclosed income,” the CBDT mentioned in a press release.
The Central Board of Direct Taxes frames coverage for the Income Tax dDpartment. The CBDT claimed that the “rough of semi-precious and precious stones is imported from African countries and the same is processed in Jaipur.” “The yield of cut and polished stones is suppressed and part of it is sold in cash, generating unaccounted income which is not recorded in the books of accounts,” it alleged.
This unaccounted revenue, the assertion mentioned, is then deployed to earn curiosity by offering money loans by way of a finance dealer.
Documentary and digital evidences of disbursements of such money loans and curiosity earned had been seized by the tax division.
“Incriminating evidences relating to unaccounted sales and purchases, difference in stock, non-genuine unsecured loans and share application money have also been found,” it mentioned.
The division additionally discovered paperwork from group entities working from particular financial zone (SEZ), indicating that they’re indulging in “unfair practices” for declaring greater earnings from these models because the revenue from these models is eligible for exemption beneath 10AA of the Income Tax Act (particular provisions for newly established models in SEZs).
