The Income Tax Department raided a company based in Sangamner, Pune, which was primarily involved in packaging and exporting tobacco and related goods.
During the search process, hand-written and excel sheets stored on the server done at 34 different locations across Maharashtra showed unrecorded cash sales transactions amounting to Rs. 243 crore relating to the selling of tobacco.
In addition, action against some manufacturers of tobacco products reported more unrecorded revenue of Rs. 40 crore by them.
In real estate sales, the party often accepted and paid cash above the registration value. In this respect, proof of transactions amounting to Rs 18 crore was identified.
Issues have also been reported relating to breaches of section 50C of the Income Tax Act, 1961, amounting to Rs 23 crore.
Profits on unrecorded real estate purchase transactions amounting to Rs 9 crore were admitted by the assessee during the search activity.
Till now seizure of Rs 1 crore of unrecognized cash has been made. Complete unidentified revenue of Rs 335 crore has been reported so far.
In a related raid in Bhopal, unexplained cash of more than Rs 8 crore and unexplained foreign currency of different countries of more than Rs 44 lakh has been confiscated. During the search, 9 bank lockers were also identified.