IT Dept Raids 2 Business Groups In Maharashtra’s Jalna, Rs 56 Cr Cash Seized

Around Rs 100 crore of Benami property was seized including Rs 56 crore in cash, 32-kilogram gold, pearls-diamonds.

Income Tax Department
File image Income Tax Department in Delhi. (Representative Image)

New Delhi: The Income tax department has seized Rs 56 crore in cash and jewellery worth Rs 14 crore after it raided a Maharashtra-based business group engaged in steel and real estate, officials said Thursday.

The raids were launched last week on the business entity based in Jalna district of the state after actionable inputs of alleged tax evasion were received against it, they said.

A senior official said Rs 56 crore cash and jewellery of Rs 14 crore has been seized till now. Documents and digital data have also been seized.

Earlier on Wednesday, the Income Tax Department had seized “undeclared assets” worth more than Rs 9 crore after it recently raided a Madhya Pradesh-based business group engaged in mining and manufacture of liquor, the CBDT said on Wednesday.

The raids were launched on July 14 on the premises of the group located in the state and some in Mumbai. The CBDT statement said analysis of seized data of sand mining business shows that the group has been “indulging in tax evasion by not recording sales in the regular books of account”.

“The comparison of actual sales as per digital evidence vis-a-vis accounted sales of contemporary months clearly exhibits regular large-scale suppression of sales exceeding Rs 70 crore,” it said.

The Central Board of Direct Taxes, which frames policy for the I-T department, did not name the group searched, but added that the “key person” of the group occupies a political position.
The department also detected “non-payment of royalty on unaccounted sales”.

“A sum of more than Rs 10 crore has been found to be paid in cash by the group to other business associates, which is outside the regular books of account,” it alleged.

In the case of the sugar manufacturing business, issues pertaining to stock difference have been detected, it said. “Some benamidars (in whose name a benami property is standing) have been made partners in a firm doing the sand mining business and were also found to be declaring profits in their income tax returns.

“However, the money was actually being transferred by them to the beneficial owner of the group,” the statement said.

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