With admission of Rs 105 crore undisclosed income by an assessee group in one of the biggest search and seizure operation, the income tax (I-T) department in Rajasthan has made the highest recovery of undisclosed income till date.
The raids were conducted by I-T department on July 17. While portions of some premises and lockers of the group were places under prohibitory orders, the final prohibitory order was revoked on Wednesday. “As a result of the search operation, the assessee group has admitted a total undisclosed income of Rs 105 crore. Surveys were conducted by the department in five states covering 30 premises,” a senior official of the I-T department said.
This group has business interests in road construction, real estate, sand mining, marble mining and processing, liquor vends, toll collection and hotels. Recently, it has acquired a commercial plot in Jaipur in the name of a Kolkata-based company. The plot was purchased through a record JDA land auction of Rs 235 crore.
“Till date, Rs 205 crore has been paid to JDA for the land. The group, whose main constituents are based in Sriganganagar, has admitted having made part of this investment through unaccounted income of Rs 40 crore,” the official said.
Documents seized from the company’s office in Delhi also revealed that there was substantial suppression of actual commercial toll receipts. “The group has admitted undisclosed income of Rs 35 crore on this account. Further analysis of seized documents is under progress to ascertain the exact quantum of suppression of receipts,” the I-T official added.
Other assessees of the group have admitted undisclosed income of Rs 30 crore from other business activities. The raids were conducted by I-T investigation directorate, Jaipur, under direction of Raj Kumar, director general (Inv) and autho- rization of Sunil Mathur, director (Inv).
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