IANS (File photo)

IANS (File photo)

IT officials detect unaccounted income of Rs 200 crore during searches on two business groups in Kerala

New Delhi, January 11, 2022

The Income Tax Department said that it carried out a search and seizure operation on January 5 on two groups in Kerala engaged in the business of quarrying and detected unaccounted income of about Rs 200 crore.

The search action also resulted in seizure of unaccounted cash of more than Rs 2.30 crore, an official press release said.

The release said more than 35 premises in the districts of Kottayam, Eranakulam, Thrissur, Palakkad and Kannur were covered in the search operation.

"During the course of the search operation, various incriminating documents and digital evidences have been found and seized, including a parallel set of books of account recording the entries of actual sales and receipt of cash. These evidences have clearly revealed the modus operandi being followed by the quarry operators as they are indulging in large scale suppression of sales made in cash including the fact that these transactions are not recorded in the regular books of account of the group.

"The correlation of these evidences also indicates that unaccounted cash so generated is systematically invested in acquisition of immovable properties, used for the business of cash loans, and unrecorded capital investments in other businesses. The search team has also gathered evidences of on-money payment for purchase of properties and substantial cash deposits in undisclosed bank accounts.

"The assessees of the group have been found to have sold immovable properties without duly accounting for the capital gains arising from such transactions," the release said.

Further investigations are in progress, the release added.


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