Latest News | Income Tax Department Conducts Searches in Odisha, Other States
Get latest articles and stories on Latest News at LatestLY. The income tax department on Thursday carried out search and seizure operations on a group engaged in the business of mining, processing and trading of black stones.
New Delhi, Jul 7 (PTI) The income tax department on Thursday carried out search and seizure operations on a group engaged in the business of mining, processing and trading of black stones.
The search operation covered more than 15 premises located at Bhubaneswar, Jajpur, Cuttack, Dhenkanal, Keonjhar, Hyderabad, Kolkata, Gurugram, Noida etc, the finance ministry said in a statement.
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During the course of the operations, various incriminating documentary and digital evidence, including hand-written books and loose sheets, have been found and seized, it said.
The seized documents contain systematic details of cash sales and bogus sundry creditors exceeding Rs 80 crore, it said, adding the analysis of seized documents indicates that these cash sales are undisclosed and not recorded in the regular books of account of the group.
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The group is found to have made huge unaccounted investments in acquisition of properties. The search action has led to seizure of unaccounted cash, jewellery and bullion worth more than Rs 1 crore, it added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)