₹100 Crore Hidden Income Found During A Raid In Gutka Seller’s Residence In Gujarat

Have you ever imagined how much a gutka seller can make in his lifetime? Then here is the one ! Ahmedabad based Gutka sellers home when raided by the income tax department seized more than 100 crore rupees in cash. The Income Tax Department has detected unaccounted income to the tune of Rs 100 crore in a search and seizure operation on a leading Gutkha distributor of Gujarat, according to a finance ministry statement.

Black Money And Huge Amount Of Jewellery Recovered

The search operation has resulted in the seizure of unaccounted cash of about Rs. 7.5 crore and unexplained jewellery of about Rs. 4.00 crore. Bank lockers belonging to the owners of the company have also been sealed, the official statement added. The search action carried out on November 16, covered more than 15 premises at different locations in Ahmedabad.



                            Total cash recovered

The group has admitted undisclosed income exceeding Rs. 30 crore. During the course of the search action, various incriminating documents and digital evidence were found and seized. The preliminary analysis of the evidence clearly indicates evasion of taxable income by adopting various malpractices such as unaccounted purchases of materials, under-invoicing of sales, and unaccounted expenditure incurred in cash.

Further analysis of seized material reveals that part of these cash sales have not been recorded in the books of accounts. The search team has also unearthed evidence of undisclosed investment in immovable properties. Further upeates are yet to come as the investigation continues…


Source : The frepress Journal