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Income Tax searches in Pune reveal undisclosed income of Rs 335 crore
New Delhi, February 23, 2021
The Income Tax Department carried out search and seizure operations on a group based in Sangamner, Pune at 34 different locations across Maharashtra, revealing unrecorded cash transactions of Rs 243 crore.
The group entities are largely engaged in the packaging and sale of tobacco and related products, generation and distribution of power, sale of FMCGs and real estate development.
An official press release said that, during the search operation on February 17, handwritten and excel sheets maintained on computers revealed unrecorded cash sale transactions amounting to Rs 243 crore related to the sale of tobacco.
In addition to this, action on some dealers in tobacco products revealed further unrecorded sale by them amounting to Rs 40 crore approximately, it said.
The group was also accepting and paying cash over and above the registration value in transactions relating to real estate. Evidence of transactions amounting to Rs 18 crore was found in this regard. Issues relating to violations of section 50C of the Income-tax Act, 1961 amounting to Rs 23 crore have also been found.
"During the search operation, profit on unrecorded transactions of sale of real estate amounting to Rs 9 crore has been accepted by the assessee. Seizure of unaccounted cash of Rs. 1 crore has been made. Total undisclosed income amounting to Rs 335 crore has been detected so far. Further investigations are in progress," the release added.