Gold and Silver Updates


Unaccounted and unrecorded transactions involving a complete quantity of over 1,400 crore have been unearthed in a search operation performed towards three Jaipur-based corporations, an Revenue Tax division spokesperson stated on Friday.

The search operation is constant and additional investigations are beneath progress, he stated.

The IT department had carried out the search-and-survey operation towards the three corporations belonging to a jeweller and two real-estate builders.

The coordinated search operation was performed at 20 premises and the survey was carried out at 11 premises.

The spokesperson stated the proprietor of one of many corporations is a distinguished builder, developer and coloniser in Jaipur.

In the course of the search, incriminating paperwork and digital information within the type of unaccounted receipts, unexplained improvement bills, unexplained property, money loans and advances, on-money receipts had been seized.

The entire particulars of unaccounted transactions of the final six-seven years of the corporate, maintained in a number of registers, slip pads, day-to-day “kacchi” money books, expense sheets and diaries hidden within the basement, had been seized from the primary enterprise premises. Unaccounted transactions amounting to 650 crore of this firm have thus far been unearthed.

The second firm is engaged within the enterprise of treasured and semi-precious stones, jewelry, antiques, handicrafts, carpets, textiles and so forth.

In the course of the course of the search operation, a hid cavity was detected by the IT division crew on the essential enterprise premises of the assessee.

All the particulars of unaccounted manufacturing exercise of gold and silver ornaments of the final six years was discovered from the cavity. It’s pertinent to notice that this manufacturing exercise has by no means been reported in any of the returns of earnings filed by the corporate.

Paperwork regarding “benami” property value 15 crore had been additionally discovered from the key chamber, the IT division spokesperson stated in a press release.

Incriminating paperwork, information and the common books of account revealed that the assessee suppressed gross sales consideration starting from 100 to 150 per cent on gadgets offered to international vacationers.

Complete unaccounted transactions amounting to 525 crore of the corporate have thus far been detected.

The third firm is owned by a famend builder and developer of Jaipur engaged within the improvement of business centres, farmhouses, townships and residential enclaves.

The search operation revealed that the group took over an actual property undertaking on the Airport Plaza by exhibiting an funding of solely one lakh within the books of account, whereas the WIP pertaining to the undertaking as mirrored within the balance-sheet was discovered to be about 133 crore.

The search additionally revealed {that a} substantial earnings from varied inexpensive housing schemes run by the assessee weren’t disclosed within the returns of earnings, the whole paperwork of which had been seized. The agency had superior unaccounted money loans to varied folks amounting to 19 crore and was additionally incomes curiosity on the identical. Thus, unaccounted transactions amounting to 225 crore of the agency have thus far been detected, the spokesperson stated.

This story has been printed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.

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