Income Tax department detects Rs 100-cr black income after raids on Gujarat group

The Income Tax Department has detected Rs 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. 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.


The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, said that the group received unaccounted money as part of immovable property transactions.

"All these have resulted into generation of unaccounted cash," the statement said.

Documents related to cash transactions and investments in immovable properties and cash loans have also been seized by the taxman, it said, adding 2.5 crore cash and jewellery worth Rs 1 crore was seized during the operation while 16 bank accounts have been frozen, the CBDT said.

"A preliminary analysis of the documents/evidence unearthed during the search has indicated that estimation of unaccounted income is likely to be more than Rs 100 crore," the statement said.