Tax Division Detects Rs 300 Crore Black Cash After Raids On 2 Rajasthan Teams

Tax Department Detects Rs 300 Crore Black Money After Raids On 2 Rajasthan Groups

The raids have been carried out on December 22 on about 50 premises of the 2 teams. (Representational)

New Delhi:

The Earnings Tax Division has detected unaccounted revenue totalling Rs 300 crore after it raided two Rajasthan-based teams engaged within the enterprise {of electrical} items manufacture and cash lending respectively, the CBDT mentioned on Tuesday.

The raids have been carried out on December 22 and about 50 premises of the 2 unidentified teams positioned in Jaipur, Mumbai and Haridwar have been coated.

“A preliminary evaluation of seized proof reveals that a number of entities, engaged within the enterprise of producing switches, wires, LEDs, and many others., have been promoting such items which aren’t recorded within the common books of account.

“…they have been claiming bogus bills to scale back taxable revenue,” the Central Board of Direct Taxes (CBDT) mentioned in a press release.

Transactions evidencing undisclosed revenue of greater than Rs 150 crore have been detected, mentioned the policy-making physique for the Earnings Tax Division.

It claimed that the “key individual” of the group has “admitted” Rs 55 crore as undisclosed revenue and has provided to pay tax on it.

Evaluation of seized paperwork referring to the opposite group has proven that a lot of the loans are given in money and a comparatively excessive price of curiosity has been charged on these loans, the CBDT mentioned.

“Neither the loans superior nor the curiosity revenue earned thereon, have been disclosed within the returns of revenue of the individuals engaged on this enterprise,” it mentioned.

Proof referring to undisclosed revenue of greater than Rs 150 crore has been detected on this group, it mentioned.

The division additionally seized money and jewelry price Rs 17 crore from the 2 teams.

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