New Delhi: The Income Tax Department has carried out a search operation on a Jaipur-based group, engaged in the business of gems and jewelry, hospitality, and real estate, an official statement said on Thursday.
The department claimed to have seized unaccounted assets exceeding Rs 11 crore.
The search operation carried out on August 3, 2022, covered more than three dozen premises located in Jaipur and Kota.
During the course of the search, a large number of incriminating documentary and digital evidence have been found and seized, the statement said.
‘The analysis of seized evidence of real estate business reveals that the group has been indulging in large-scale tax evasion by accepting on-money in cash on the sale of residential dwellings and land which has not been recorded in the regular books of account. Further, evidence pertaining to the out-of-books sale of gems and jewelry were also unearthed during the search,’ it said.
‘The search also revealed that the unaccounted income earned has been invested in land, construction of luxury hotels and has also been used in financing cash loans. The seized evidence contains details of interest income earned on these cash loans which has not been recorded in the books of account,’ it said further.
‘A preliminary investigation indicates that the group has indulged in the generation of unaccounted income exceeding Rs 150 crore, the statement added.