IT raids jewelry, realty teams in Jaipur, reveals Rs 1,400 cr unaccounted transactions

Image Source : INDIA TV IT raids jewelry, realty teams in Jaipur, reveals Rs 1,400 cr unaccounted transactions
The Income Tax Department on Thursday raided a jewelry agency and two real-estate builders primarily based in Jaipur and detected undisclosed transactions of greater than Rs 1,400 crore. The search and survey operation was carried out on January 21 at a complete of 31 premises of those entities.

Describing the alleged tax evasion modus operandi deployed by one of many raided entity, a developer and coloniser in Rajasthan’s capital Jaipur, the CBDT stated “complete details” of unaccounted transactions of this group for the final 6-7 years have been “hidden” within the basement of the primary enterprise premise.

“During the search, a plethora of incriminating documents and digital data in the form of unaccounted receipts, unexplained development expenses, unexplained assets, cash loans and advances, on-money receipts were found and seized.”

“Total unaccounted transactions amounting to Rs 650 crore have been detected, so far in this group,” it stated in a press release.

The different actual property group is concerned within the improvement of economic centres, farm homes, townships and residential enclaves.

“It was found that the assessee group had taken over a real-estate project at the airport plaza by showing an investment of Rs 1 lakh only in the books of account whereas the WIP (closing stock) pertaining to the project reflected in the balance sheet was found to be about Rs 133 crore,” the assertion alleged.

It stated “substantial income” from varied inexpensive housing schemes run by the assessee had not been disclosed within the returns of revenue, the whole paperwork of which have been seized from the searched premises.

“The group had also advanced unaccounted cash loans to various persons amounting to Rs 19 crore and is also earning unaccounted interest on the same. Total unaccounted transactions amounting to Rs 225 crore have been detected so far,” the CBDT stated.

In the case of the group concerned within the enterprise of valuable and semi-precious stones, jewelry, antiques, handicrafts, carpets and textiles, the “entire detail of unaccounted manufacturing activity of gold and silver ornaments for the last 6 years” was recovered from a hid cavity created within the showroom.

“It is pertinent to note that this manufacturing activity has never been reported in any of the income tax returns (ITRs) filed by the group.”

“Documents relating to benami property of Rs 15 crore were also found from the secret chamber,” it stated.

The assertion stated tax sleuths are working to crack the alpha-numeric secret codes talked about on every merchandise to seek out the precise sale value embedded on them.

“The concealed incriminating data maintained by the assessee in a software called Jewels Prime has been retrieved by the search team.”

“A perusal of these incriminating documents, data and the regular books of account revealed that the assessee had been suppressing the sales ranging from 100 per cent-150 per cent on the items sold to foreign tourists,” it stated.

The jeweller group had additionally superior unaccounted money loans to varied individuals amounting to Rs 122.67 crore and can also be incomes unaccounted curiosity on the identical, it stated.

“The group introduced its unaccounted cash income through the bank accounts of their employees and workers. Total unaccounted transactions amounting to Rs 525 crore have been detected so far,” the CBDT stated.

( With PTI inputs)
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