On Thursday after conducting a raid in Jaipur, CBDT found undisclosed transactions worth over Rs. 1400 crore. The department conducted search and seizure operation at 31 of the premises of these jeweler and real estate entities. For the modus operandi, the CBDT said one of the raided entity a real estate developer in Jaipur has hidden all of the details of the unaccounted transactions 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.
"It was found that the assessee group had taken over a real-estate project at the airport plaza by showing an investment of Rs 1 lakh only in the books of account whereas the WIP (closing stock) pertaining to the project reflected in the balance sheet was found to be about Rs 133 crore," the statement alleged. The department's statement said that the firm's substantial income from various affordable housing schemes has not been revealed in the returns of income, the complete documents of which were seized from the searched premises.
"The group had also advanced unaccounted cash loans to various persons amounting to Rs 19 crore and is also earning unaccounted interest on the same. Total unaccounted transactions amounting to Rs 225 crore have been detected so far," the CBDT said.
Also, in respect of the jeweler, the details of the unaccounted manufacturing activity for the last six years " was recovered from a concealed cavity created in the showroom."It is pertinent to note that this manufacturing activity has never been reported in any of the income tax returns (ITRs) filed by the group.
"Documents relating to benami property of Rs 15 crore were also found from the secret chamber," it said. The jeweller group had also advanced unaccounted cash loans to various persons amounting to Rs 122.67 crore and is also earning unaccounted interest on the same, it said.