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IT department detects Rs 200 crore unaccounted income after raids on dry fruit traders in J&K, Punjab

Last Updated on November 5, 2021 at 4:29 pm

The Income-Tax Department conducted searches Jammu and Kashmir and Punjab against people involved in the business of dry fruits.

Central Board of Direct Taxes (CBDT) said on Friday that unaccounted income of over has Rs 200 crore was detected.

Ministry of finance said in a statement that at the time of search operation, digital evidence indicating that an assessee group had been inflating purchases of dry fruits over the years.

It is also alleged that unaccounted cash was being received back by the directors of the group against payment made to various entities for such purchases.

The department also found that one group maintained a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in books of accounts. The statement also read that excess stock of Rs 40 crore has been found and 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 was found to be fake and estimated to be about Rs 30 crore.