Quick Summary
Income Tax Department carried out a search and seizure operation on 07.07.2022 on a Delhi and Mumbai based group, engaged in the business of hospitality, marble, lights trading and real estate. A total of 18 premises across Delhi, Mumbai and Daman were covered during the search action. During the
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FAQ :
The Income Tax Department conducted searches on 07.07.2022 across 18 premises in Delhi, Mumbai, and Daman.
The group is engaged in the business of hospitality, marble, lights trading, and real estate.
The evidence indicates the group parked undisclosed money abroad in low-tax jurisdictions, investing over Rs 40 crore in its Indian hospitality business through a Malaysian web of companies.
Yes, the search also revealed out-of-books cash sales in trading businesses (50-70% of total sales), undeclared excess stock of Rs 30 crore, and unaccounted sales in the hospitality sector's banquet division.
Undeclared jewellery valued at Rs 2.5 crore has been seized, and further investigations are ongoing.
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