Tax Management India. Com
                        Law and Practice: A Digital eBook ...

☞ Data-bank

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News D. Forum
What's New  Latest Cases 


Home News News and Press Release Month 11 2021 2021 (11) This
← Previous Next →

Income Tax Department conducts searches on a leading Gutkha distributor in Gujarat

November 24, 2021
  • Contents

The Income Tax Department carried out search and seizure operations on a leading Gutkha distributor of Gujarat on 16.11.2021. The search action covered more than 15 premises at different locations in Ahmedabad.

During the course of the search action, various incriminating documents and digital evidence were found and seized. The preliminary analysis of these evidences clearly indicate 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 evidences of undisclosed investment in immovable properties.

The search operation has resulted in the seizure of unaccounted cash of about ₹ 7.50 crore and unexplained jewellery of about ₹ 4 crore. Prohibitory orders have also been placed on bank lockers.

The search action, so far, has led to the detection of unaccounted income of more than ₹ 100 crore. Out of this, the group has admitted undisclosed income exceeding ₹ 30 crore.

Further investigations are under progress.



← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||