Income tax department raids Gujarat company for Rs. 100 crore black money seized

(PTI) New delhi date. 21

The CBDT said in a statement that the Income Tax Department raided a Gujarat-based company working in chemical manufacturing and real estate and seized unaccounted income of Rs 100 crore.

According to the CBDT, the Income Tax Department raided more than 50 premises in Vapi, Sarigam (Valsad district), Silvassa and Mumbai.

The CBDT said in a statement that the company had seized documents showing large unaccounted income and its investment in assets, accounts written in diaries, and objectionable evidence in the form of digital statistics.

It further states that the evidence clearly shows that attempts were made to show less revenue by adopting various methods, such as showing less production, presenting fake bills without actual delivery of goods to show more purchases, taking advantage of fake GST credit. .

According to the CBDT, the income tax authorities have also seized documents related to cash transactions, investments in fixed assets and cash loans. During the raid, 2.5 crore cash and jewelery worth one crore rupees were also seized. In addition, 18 bank accounts have been frozen.

The statement further said that the evidence seized proved that the company's unaccounted income was more than Rs 100 crore.

According to the CBDT, the decision-making body for the income tax department, the company received unaccounted money as part of a fixed asset transaction.