Undisclosed income of more than Rs 100 crore has been detected during searches carried out by the Income Tax department on the premises of a Gujarat-based gutkha distributor.
According to a statement issued by the government, Income Tax officials searched at least 15 premises of the gutkha distributor in Ahmedabad on November 16.
The statement does not disclose the name of the group.
During the raids, unaccounted cash worth about Rs 7.5 crore and jewellery worth about Rs 4 crore were recovered. The group has admitted to possessing undisclosed income worth Rs 30 crore, the government's statement said.
Income Tax officials also seized various incriminating documents and digital evidence during the November 16 searches, the statement said.
The statement said analysis of these evidence points to tax evasion by the group. This was done by adopting malpractices such as unaccounted purchases of materials, under-invoicing of sales and unaccounted expenditure in cash, the government statement said.
"The search action, so far, has led to the detection of unaccounted income of more than Rs 100 crore. Out of this, the group has admitted undisclosed income exceeding Rs 30 crore," the release said.
Analysis of the seized material has revealed that cash sales were not recorded in account books and that the search team also found evidence suggesting that the group made undisclosed investment in immovable properties, the statement said.
For now, the Income Tax department has sealed the bank lockers of the group and is carrying out further probe into the matter.
4.2 Earthquake Hits Gujarat's Patan, No Casualties Reported Gujarat Policeman Demands iPhone 16 Pro As Bribe, Arrested Boat With 700 kg Drugs Caught In Seas Off Gujarat, 8 Claiming To be Iranians Arrested "We Ran Out Of Missiles": US Fighter Pilots Recall Iran's Attack On Israel 10-Crore Lawsuit Over 3-Second Clip? What's Behind Nayanthara-Dhanush Spat "Doesn't Matter If You Die": Bengaluru Man Slams Son Against Wall, Kills Him Family Claims Dead Man's Eye Taken Out In Bihar Hospital, Doctors Blame Rats Video: Man Finds Insects In Sambhar On Vande Bharat Train, Railways Reacts GAIL Opens Recruitment For 261 Positions Across Multiple Disciplines Track Latest News Live on NDTV.com and get news updates from India and around the world.