IT Dept conducts searches in Jammu & Kashmir and Punjab- 2021 Nov-Ministry of Finance

The Income Tax Department carried out search and seizure operations on 28.10.2021 in the cases of persons engaged in the business of processing & trading dry fruits. 

During the search operations, many incriminating documents including digital evidence were found and seized indicating that the assessee group has been inflating purchases of dry fruits exorbitantly over the years.

Seized pieces of evidence also support the fact that unaccounted cash has been received back by the directors of the group against payment made for such purchases.

Evidence was also unearthed that one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts.

One of the groups is also indulging in unaccounted purchases and sales of dry fruits.  Excess stock to the tune of Rs. 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a Benami proprietary concern.  

In both groups, the claim of deduction under section 80IB of the Income-tax Act, 1961 has been found to be not genuine and is estimated to be around Rs. 30 crores. 

The search action has resulted in the seizure of unaccounted cash of Rs. 63 lakh and jewellery of Rs. 2 crores. Fourteen bank lockers have been placed under restraint. The search action has led to the detection of unaccounted income exceeding Rs. 200 crores. 

Further investigations are in progress.