IT DEPT FINDS OVER 200 CRORE IN ‘DRY FRUIT’ RAID IN J&K, PUNJAB
06 November 2021
The Income Tax Department conducted a raid on businessmen involved in the dry fruits trade in the states of Punjab and Jammu and Kashmir, on Friday. The raid led to the detection of unaccounted money exceeding an alarming amount of Rs. 200 crores. The IT department, during the raid, found digital evidence indicating that an assessee group had been involved in inflating purchases over the years. The unaccounted money is alleged to have been received back by the directors against the payment made to various entities.
“One of the groups was also indulging in unaccounted purchases and sales of dry fruits. Excess stock to the tune of ₹40 crores has been found,” the agency stated. The agency found that a group maintained a parallel set of books of accounts and that a huge difference was found between the sales and purchases recorded.
“Excess stock to the tune of Rs 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a benami proprietary concern,” the department claimed. “The search action has resulted in the seizure of ₹63 lakh in unaccounted cash and jewelry worth ₹2 crores”, the agency said, adding that 14 bank lockers have been also placed under restraint.
Tony News Desk
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