Income Tax Dept raids 20 premises of real estate group in Gujarat, seizes ₹2.5 cr cash

The Income Tax Department raided more than 20 premises of a Gujarat-based group engaged in the manufacturing of chemicals and the development of real estate on Thursday. The search operation was conducted in areas like Vapi and Sarigam in Gujarat, Silvassa, and also in Mumbai.

As per the Central Board of Direct Taxes (CBDT), the officials have seized a large number of incriminating pieces of evidence that were in the form of documents, diaries and digital data. The evidence was mainly based around earnings of huge unaccounted income by the group. Using the evidence, the IT officials found the assets they had invested in and seized those properties.

The IT officials found out the evidence clearly indicating evasion of taxable income by adopting various modus-operandi including suppression of production, use of bogus purchase invoices without actual delivery of the goods (to inflate purchases), availing of bogus GST (Goods and Services Tax) credit, the claim of bogus commission expenses, etc.

The accused group also received immovable property transactions, said the CBDT statement. The CBDT said that several such pieces of evidence of cash transactions in investment in immovable properties and cash loans have also been seized. The officials seized more than Rs 2.5 crore in cash and jewellery worth Rs 1 crore during the raid.

The CBDT has also put at least 16 bank lockers under restrain. The CBDT further added that the preliminary analysis of the documents/evidence unearthed during the search has indicated officials' estimation that the unaccounted income of the accused group is more than Rs 100 crore. Further investigations are already in progress.

IT Department’s raids on SAD MLA

Earlier this week on Tuesday, the IT department conducted raids at the residence and offices of Shiromani Akali Dal MLA Manpreet Singh Ayali in Ludhiana. IT officials reached his residence and carried out search operations while Manpreet Ayali was inside the house.

He was said to be cooperating with the officials. A small unit of Central Security Forces personnel were also stationed outside his residence. As per the reports, the Income Tax officials and the Central Police Force also raided his office in Mullanpur Dakha and Golf Link Colony in Ludhiana.

(with ANI inputs)