Rs. 1,400 crore unaccounted transactions of three Jaipur firms unearthed
Unaccounted and unrecorded transactions involving a total amount of over Rs. 1,400 crore have been unearthed in a search operation conducted against three Jaipur-based firms, an Income Tax Department's spokesperson informed. "The search operation is continuing and further investigations are under progress," he said. The I-T Department had carried out the search-and-survey operation against three firms belonging to a jeweler and two real-estate developers.
The coordinated search operation was conducted at 20 premises
The coordinated search operation was conducted at 20 premises and the survey was carried out at 11 premises. The spokesperson said the owner of one of the firms is a prominent builder, developer, and colonizer in Jaipur. During the search, incriminating documents and digital data in the form of unaccounted receipts, unexplained development expenses, unexplained assets, cash loans and advances, on-money receipts were seized.
Unaccounted transactions of Rs. 650 crore have been unearthed
Unaccounted transactions of the last six-seven years of the company, maintained in registers, slip pads, day-to-day kacchi cash books, expense sheets, and diaries hidden, were seized from the main business premises. Unaccounted transactions of Rs. 650 crore of this company have so far been unearthed.
A concealed cavity was detected by the I-T Department
The second company is engaged in the business of precious and semi-precious stones, jewelry, antiques, handicrafts, carpets, textiles, etc. During the course of the search operation, a concealed cavity was detected by the I-T Department at the main business premises of the assessee. Details of unaccounted manufacturing activity of gold and silver ornaments of the last six years were found from the cavity.
'Benami' property documents of Rs. 15 crore were found
It is pertinent to note that this unaccounted manufacturing activity has never been reported in any of the returns of income filed by the company. "Documents relating to benami property worth Rs. 15 crore were also found from the chamber," the I-T Department spokesperson stated.
Assessee suppressed sales consideration ranging from 100 to 150 percent
Incriminating documents, data, and regular books of account revealed that the assessee suppressed sales consideration ranging from 100 to 150 percent on items sold to foreign tourists. The company's unaccounted transactions of Rs. 525 crore have so far been detected. The third company is owned by a renowned builder and developer of Jaipur engaged in the development of commercial centers, farmhouses, and residential enclaves.
What did the search operation reveal?
The search operation revealed that the group took over a real estate project at Airport Plaza by showing an investment of Rs. one lakh in the books of account, whereas the WIP pertaining to the project as reflected in the balance-sheet was Rs. 133 crore.
Substantial income from affordable housing schemes was not disclosed
Further, the search revealed that a substantial income from affordable housing schemes run by the assessee was not disclosed in the returns of income. "The firm had advanced unaccounted cash loans to various people amounting to Rs. 19 crore and was earning interest on the same. Thus, unaccounted transactions amounting to Rs. 225 crore have so far been detected," the spokesperson said.Share this timeline