₹ 100-Crore Black Income After Income Tax Raids On Gujarat Group

Sunday, 21 November 2021Newsdesk

The Income Tax Department has detected ₹ 100 crore unaccounted income after it recently raided a Gujarat company engaged in manufacturing of chemicals and in real estate, the CBDT said on Sunday.

New Delhi, 21 November 2021

As per news report of NDTV, The searches were carried out on November 18 at more than 20 premises located in Vapi, Sarigam (Valsad district), Silvassa and Mumbai. "...incriminating evidences in the form of documents, diary notings and digital data showing earning of huge unaccounted income by the group and its investment in assets have been seized," the CBDT said in a statement. "The evidences clearly indicate evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST credit, claim of bogus commission expenses, etc," it said.

Source - NDTV