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I-T Department find Rs 335Cr in raids on Pune-based group

By TIOL News Service

NEW DELHI, FEB 22, 2021: THE Income Tax (I-T) Department found Rs. 335 crore in black money during raids on 34 locations of a Sangamner, Pune-based business group, said the Ministry of Finance on Monday.

The tax officers carried out search and seizure operations on February 17 of a business largely engaged in packaging and sale of tobacco and related products, generation and distribution of power, sale of consumer goods, and real estate development.

Hand-written and excel sheets maintained on computer revealed unrecorded cash sale transactions amounting to Rs. 243 crore related to sale of tobacco. In addition to this, some tobacco product dealers had further unrecorded sale by amounting to Rs. 40 crore approximately.

"Total undisclosed income amounting to Rs. 335 crore has been detected so far," said an official statement.

The group was found to have accepted and paid cash over and above the registration value in transactions worth Rs. 18 crore in real estate.

"Issues relating to violations of section 50C of the Income-tax Act, 1961 amounting to Rs. 23 crore have also been found," it said.

During the course of the search operation, profit on unrecorded transactions of sale of real estate amounting to Rs. 9 crore has been accepted by the assessee while unaccounted cash of Rs. 1 crore has been seized.


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