Income Tax Department Detects Rs 1,400 Crore Undisclosed Transactions After Raids In Jaipur
The Income Tax Department has detected undisclosed transactions of more than Rs 1,400 crore after raiding a jewellery firm and two real-estate developers based in Jaipur, the CBDT said on Thursday.
The search and survey operation was carried out on January 21 at a total of 31 premises of these entities.
Describing the alleged tax evasion modus operandi deployed by one of the raided entity, a developer and coloniser in Rajasthan's capital Jaipur, the CBDT said "complete details" of unaccounted transactions of this group for the last 6-7 years were "hidden" in the basement of the main business 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 said in a statement.