Quick Summary
The Income Tax Department carried out search and seizure operations on 22.12.2021 on two groups and their business entities. One group is engaged in the business of manufacturing electrical switches, wires, LEDs, real estate and hotel business in Rajasthan, Maharashtra and Uttarakhand whereas, the other group is engaged in money lending business in Jaipur and nearby cities. The search action has covered more than 50 premises spread over various locations including Jaipur, Mumbai, and Haridwar.
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FAQ :
The Income Tax Department carried out the search and seizure operations on 22nd December 2021.
The operations involved groups engaged in manufacturing electrical switches, wires, LEDs, real estate, hotel business, and money lending.
The operations covered more than 50 premises in locations including Jaipur, Mumbai, and Haridwar.
The search action detected undisclosed income of more than Rs. 150 crore for the manufacturing group and over Rs. 150 crore for the money lending group, totalling more than Rs. 300 crore.
A large number of incriminating documents and digital data were found and seized. Additionally, unaccounted cash and jewellery worth Rs. 17 crore were seized.
The manufacturing group was found to be selling goods not recorded in their books of account and claiming bogus expenses to reduce taxable income.
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