Tax Department Detects Rs 300 Crore Black Money After Raids On 2 Rajasthan Groups
NDTV
The raids were carried out on December 22 and about 50 premises of the two unidentified groups located in Jaipur, Mumbai and Haridwar were covered.
The Income Tax Department has detected unaccounted income totalling Rs 300 crore after it raided two Rajasthan-based groups engaged in the business of electrical goods manufacture and money lending respectively, the CBDT said on Tuesday.
The raids were carried out on December 22 and about 50 premises of the two unidentified groups located in Jaipur, Mumbai and Haridwar were covered.
"A preliminary analysis of seized evidence reveals that several entities, engaged in the business of manufacturing switches, wires, LEDs, etc., have been selling such goods which are not recorded in the regular books of account.
"...they were claiming bogus expenses to reduce taxable income," the Central Board of Direct Taxes (CBDT) said in a statement.
