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Income tax department found undisclosed income of 50 crores from raids in rajasthan

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Income tax department found undisclosed income of 50 crores from raids in rajasthan

New Delhi, Nov 4 (PTI) The Income Tax Department has detected undisclosed income of over Rs 50 crore in recent raids conducted at locations of sand mining, liquor and real estate dealers in border towns of Rajasthan. Board of Taxes (CBDT) on Thursday.

The central agency said that 33 locations were searched during the action taken on October 28.

“During the search, documentary evidence was obtained and during this period the receipt of benami cash indicated that this amount was also used for purchase of land,” the CBDT said in a statement issued here.

“Evidence of cash sale of sand was found…Analysis of these revealed that the cash received from it was not recorded in the books of account,” the agency said.

The Income Tax Department said that benami cash worth Rs 2.31 crore and jewelery worth Rs 2.48 crore were seized during the raids.

“This action led to the detection of undisclosed income of more than Rs 50 crore,” the CBDT said.

“Of these, the accused admitted to having undeclared assets of over Rs 35 crore and offered to pay tax,” the agency said in a statement.

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