Unaccounted income exceeding Rs.50 crore in the Income Tax Raid in Rajasthan
Unaccounted income exceeding Rs.50 crore in the Income Tax Raid in Rajasthan
The Income Tax Department carried out search and seizure operations in border districts of Rajasthan on 28.10.2021 covering 33 premises at different locations, where the groups are carrying on business of real estate, sand-mining and liquor trade.
During the course of the search, documentary evidence were found and seized indicating receipt of unaccounted cash as well as utilisation of the same towards purchase of land. Further, documentary evidence of cash sales of sand has been found and seized. The analysis of the same reveals that part of these cash sales have not been recorded in the books of accounts.
The search operation has resulted in seizure of unaccounted cash of Rs. 2.31 crore and unexplained jewellery of Rs. 2.48 crore.
The search action has led to the detection of total unaccounted income exceeding Rs.50 crore. Out of the above, the assessees have admitted unaccounted income exceeding Rs. 35 crore and offered to pay due taxes on the same.
