Quick Summary
The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022. More than 30 premises spread across the cities of Yamuna Nag
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FAQ :
The IT Department searched a diversified business group involved in manufacturing plywood/plyboard, MDF board, inverters, vehicle batteries, and lead refining.
The operations covered more than 30 premises in Yamuna Nagar, Ambala, Karnal, and Mohali in Haryana.
More than Rs 6.60 crore (approximately £5.5 million) in unaccounted cash was seized.
Jewellery valued at Rs 2.10 crore (approximately £1.7 million) was also seized.
Evidence revealed suppression of sales by about 40%, undeclared cash payments for wages and raw materials, and suspicious purchases from non-existent concerns.
The preliminary analysis suggests the group suppressed sales to the tune of Rs 400 crore (approximately £33 million) in the last three years.
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