New Delhi [India], November 23 (ANI): The Income Tax Department carried out search and seizure operations on a leading Gutkha distributor of Gujarat on November 16 this year. 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 indicates evasion of taxable income by adopting various malpractices such as unaccounted purchases of materials, under-invoicing of sales, and unaccounted expenditure incurred in cash.

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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 official release by the Central Board of Direct Taxes said today.

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

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The search action, so far, has led to the detection of unaccounted income of more than Rs. 100 crore. Out of this, the group has admitted undisclosed income exceeding Rs 30 crores. Further investigations are under progress. (ANI)

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