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The searches were carried out on November 18 at more than 20 premises located in Vapi, Sarigam (Valsad district), Silvassa, and Mumbai.
”…incriminating evidence 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.
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”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 jewelry 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.