Undisclosed transactions worth more than Rs 100 crore have been detected in the raids conducted by the Income Tax Department on the premises of some groups related to gold, diamond and real estate business. The raids were conducted at more than 30 locations in Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi.
Many digital and important documents found evidence of income tax evasion
During the raid, the department has found many digital and important documentary evidences of income tax evasion. In a statement issued by the Central Board of Direct Taxes (CBDT) on Tuesday, it was said that evidence found during the raid revealed that a business establishment dealing in gold and diamond used undeclared cash to buy jewelery and also to decorate the shop. And cash was also used to buy real estate.
Know how to buy land and real estate
During the investigation, the matter of using undisclosed cash of about Rs 12 crore by this establishment has come to the fore. The entity has shown this cash as advance from customers. On checking the stock during the raid, undeclared stock worth Rs 12 crore was also detected. At the same time, undisclosed cash transactions were detected in the purchase of land, construction of buildings and sale of apartments from the group associated with the real estate business. This undisclosed transaction is confirmed by the evidence found at the broker related to the land business and this amount is more than Rs 80 crore. It has been learned that the main person of this group has bought land and immovable property with this money.
Undisclosed transactions of over Rs 100 crore during the probe
The statement said that more than five crore rupees in cash and jewelery were recovered during the raid. The department has banned the operation of 14 bank lockers. During the investigation so far, undisclosed transactions of more than Rs 100 crore have been detected. The investigation in this matter is still going on.