The action also resulted in the seizure of unrecorded cash of Rs 63 lakh and jewelry worth Rs 2 crore. During the search, computer detectives also recovered several incriminating evidence indicating increased purchases to suppress profits. The intense four-day raid, which began on October 28, was carried out across India at premises owned by the two companies located in the cities of Amritsar, Jammu, Delhi, Ludhiana, Mumbai and parts of the world. ‘Haryana and Uttar Pradesh.
In issuing a statement on the searches on Friday, the Ministry of Finance said: “The income tax service carried out search and seizure operations on October 28 in the case of persons engaged in processing and trading. of dried fruits. During the search operations, numerous incriminated documents, including digital evidence, were found and seized, indicating that the group of appraised has exorbitantly inflated purchases of dried fruits over the years. ”
The statement added: “The evidence seized also supports the fact that unaccounted for cash was recovered by group administrators against payments made for such purchases. There is also evidence that one of the people assessed was holding a parallel set. of ledgers and there was a huge difference between the sales and purchases recorded in the two sets of ledgers.
One of the groups is also engaged in unrecorded buying and selling of dried fruits. Surplus stock in the order of Rs. 40 crore has been found. Analysis of the seized material and evidence gathered reveals that one of the groups also runs a benami In both groups, the claim for deduction under Section 80IB of the Income Tax Act 1961 was found to be non-genuine and is estimated to be around 30 crore of Rs. The search action resulted in the seizure of cash of Rs. 63 lakh and jewelry of Rs. 2 crore. Fourteen bank lockers were placed under control. The search action led to the detection of unrecorded income exceeding Rs. 200 crore, ”the statement added.
These two groups are engaged in the import and trade of dried fruits and market a wide variety of dried fruits, including almonds, walnuts, cashews, raisins, pistachios, etc. Both groups, in addition to selling dried fruit to distributors and resellers, also have a huge online business. the same under their respective brands.