100 crores revealed during raids in Maharashtra

New Delhi. The Income Tax Department has conducted a search and seizure operation on two groups running sand mining, sugar factories, road construction, health care, medical colleges in Maharashtra. A fraud of Rs. The Income Tax Department conducted the raid on August 25. The department gave this information on Friday. The search operation was carried out in more than 20 premises spread across Solapur, Osmanabad, Nashik and Kolhapur districts of Maharashtra.
“These evidences reveal various modus operandi of the group’s tax evasion, including fraudulent spending bookings, undisclosed cash sales, unexplained loans, credit entries,” an official said. In the case of a group engaged in sand mining and running a sugar factory, evidence of unaccounted cash sale of sugar worth more than Rs 15 crore was found and seized. Several of the group’s lenders, as well as group promoters, admitted that unaccounted cash amounting to over Rs 10 crore was sent to the account. Evidence of capital gains of about Rs 43 crore on sale of assets by a corporate entity was also seized. The initial estimate of such undisclosed income of the group is Rs 35 crore. So far, unaccounted income of more than Rs 100 crore has been unearthed in the search operations.

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