Pune (Maharashtra): The Income Tax Department on February 17 carried out search and seizure operations on a Pune-based tobacco group at 34 locations across Maharashtra, wherein it detected Rs 335 crores of undisclosed income and seized Rs 1 crore of unaccounted cash.
According to a statement by the Ministry of Finance, the group entities based in Sangamner, Pune are largely engaged in packaging and sale of tobacco and related products, generation and distribution of power, sale of FMCGs, and real estate development.
During the raid, hand-written and excel sheets revealed unrecorded cash sale transactions amounting to Rs 243 crore related to sale of tobacco. In addition to this, action on some dealers in tobacco products revealed further unrecorded sale by them amounting to Rs 40 crore approximately.
The group is also accepting and paying cash over and above the registration value in transactions relating to real estate. Evidence of transactions amounting to Rs 18 crore was found in this regard. Moreover, the department also found issues relating to violations of section 50C of the Income-tax Act, 1961 amounting to Rs 23 crores.
"During the course of the search operation, profit on unrecorded transactions of sale of real estate amounting to Rs 9 crore has been accepted by the assessee. Seizure of unaccounted cash of Rs 1 crore has been made. Total undisclosed income amounting to Rs 335 crore has been detected so far," said the Ministry of Finance in its release.
Further details are awaited.