₹100 CR ‘BLACK INCOME’ FOUND IN RAIDS ON FIRMS

NEW DELHI: The Income Tax department has detected “unaccounted” income of more than ₹100 crore after it recently conducted searches against some Bihar-based business groups dealing in real estate and diamond jewellery, the Central Board of Direct Taxes (CBDT) said on Tuesday.

The raids were launched on November 17 at about 30 premises located in Patna, Bhagalpur and Dehri-on-Sone in Bihar, Lucknow in UP and Delhi.

Unaccounted cash and jewellery worth more than ₹5 crore were seized and 14 bank lockers sealed during the operation, said the CBDT, which frames policy for the tax department.

In the case of a group dealing in gold and diamond jewellery, an analysis of documents and other material shows it invested its “unaccounted” income in cash in purchase of jewellery, renovation of shops and immovable properties, the CBDT said in a statement without identifying the business groups. “This group has been found to have introduced unaccounted money of over ₹12 crore in its books of account in the garb of advance from customers. On physical verification of stock, unaccounted funds of more than ₹12 crore have been found,” it said. In the case of another group engaged in real estate business, proof of “unaccounted” cash transactions in purchase of land, construction of buildings and sale of apartments has been found. So far, the CBDT said, unaccounted transactions exceeding ₹100 crore have been detected.