From Our Bureau
NEW DELHI: The Income Tax Department has unearthed generation of unaccounted income exceeding Rs 150 core and seizure of unaccounted assets of over Rs 11 crore from a Jaipur-based group whose over 3 dozen premises were searched in Jaipur and Kota on August 3.
In a press release, the department said the group is engaged in the business of gems and jewellery, hospitality and real estate. It was found to be indulging in a large-scale tax evasion by accepting on-money in cash on the sale of residential dwellings and land that were not recorded in the regular books of account.
Evidence of out-of-books sale of gems and jewellery were also unearthed. The search revealed that the unaccounted income so earned has been invested in land, construction of a luxury hotel as also in financing cash loans. The seized evidences contain details of interest income earned on these cash loans that did not reflect in the books of account, the department added.
