Income Tax officials have conducted a series of raids in the premises of dry fruit traders in Punjab, Jammu and Kashmir that led to detection of unaccounted income exceeding Rs 200 crores.
According to the Income Tax Department, the dry fruit traders had been indulging in benami properties, sale and purchase of unaccounted dry fruits. The tax officials seized excess stock to the tune of Rs 40 crores, unaccounted cash of Rs 63 crores and jewellery to the tune of Rs two crore.
The IT department has also seized fourteen bank lockers which were allegedly used to keep the unaccounted cash, benami property papers and jewellery, said a senior officer of the Finance Ministry.
Besides, the accused person had also claimed deduction under section 80IB of the Income-tax Act, 1961, which were found to be fake. According to a rough estimate, the tax benefits taken using fake documents could be to the tune of Rs 30 crore.
During the search operations, the team also found many incriminating documents including digital evidence indicating that the accused persons have been inflating purchases of dry fruits exorbitantly over the years.
Seized evidence also supports the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases. The accused persons were allegedly maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts.