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I-T Dept conducts raids on Pune-based group
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SME Times News Bureau | 23 Feb, 2021
Income Tax Department carried out search and seizure operations last
week at 34 different locations across Maharashtra on a group based in
Pune's Sangamner whose entities are largely engaged in packaging and
sale of tobacco and related products, generation and distribution of
power, FMCGs sale, and real estate development.
During the course
of the search operation, hand-written notes and Excel sheets maintained
on computers revealed unrecorded cash sale transactions amounting to Rs
243 crore related to sale of tobacco. In addition to this, action on
some dealers in tobacco products revealed further unrecorded sale by
them amounting to Rs 40 crore approximately, the I-T Department said in a
statement.
The group was also accepting and paying cash over and
above the registration value in transactions relating to real estate.
Evidence of transactions amounting to Rs 18 crore was found in this
regard. Issues relating to violations of section 50C of the Income Tax
Act, 1961 amounting to Rs 23 crore have also been found, the statement
added.
During the course of the search operation, profit on
unrecorded transactions of sale of real estate amounting to Rs 9 crore
has been accepted by the assessee. Seizure of unaccounted cash of Rs 1
crore has been made. Total undisclosed income amounting to Rs 335 crore
has been detected so far. Further investigations are in progress.
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