New Delhi [India], July 15 (ANI): Income Tax Department carried out a search operation on 18 premises across Delhi, Mumbai and Daman of a hospitality group also engaged in other businesses, said the Ministry of Finance on Friday.

During the course of the search operation, a large number of incriminating documents and digital data have been found and seized.

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According to the Ministry of Finance, these evidence indicate that the group has parked its undisclosed money abroad in certain low-tax jurisdictions. The group, through Malaysia-based companies, has finally invested the funds in its hospitality business in India. It is estimated that the quantum of such funds exceeds Rs 40 crore.

The evidence gathered indicated that the group has invested in a few companies abroad, which have been incorporated especially for commodity trading. The net worth of one such company including its profits earned has not been disclosed by the group in its ITRs for the relevant period.

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Further, it has been detected that the promoter of the group has invested in immovable property in foreign jurisdiction which has also not been disclosed in his Income tax return. Besides these, certain offshore entities, set up for commodity trading, have been identified, which have also not been declared.

The search action also revealed that the group was involved in out-of-books cash sales in its India operations. In its trading business of marble and lights, seized evidences indicate unaccounted cash sales to the extent of 50-70 per cent of the total sales. Undisclosed excess stock of Rs 30 crore has also been found.

In its hospitality business, unaccounted sales have been detected more specifically in the banquet division. So far, undeclared jewellery valued at Rs 2.5 crore has been seized. Further investigations are in progress. (ANI)

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