IT Department conducts searches on big firms in Rajasthan & Maharashtra

Last updated: 12 August 2022

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The Income Tax Department has recently carried out major search operations targeting businesses in Rajasthan and Maharashtra. In Rajasthan, a Jaipur-based group involved in gems, jewellery, hospitality, and real estate is under investigation for tax evasion exceeding Rs. 150 crore, with over Rs. 11 crore in unaccounted assets already seized. In Maharashtra, two steel TMT bar manufacturing groups faced searches across multiple cities, revealing tax evasion through bogus purchases and undeclared stock worth over Rs. 120 crore. Significant cash and jewellery have been seized from these operations.

Income Tax Department conducts searches in Rajasthan The Income Tax Department carried out a search operation on 03.08.2022 on a Jaipur based group, engaged in the business of gems and jewellery, hospitality and real estate. The search operation has covered more than three dozen premises located in Jaipur and Kota. During the course of the search, large number of incriminating documentary and digital evidences have been found and seized. The analysis of seized evidences of real estate b

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FAQ :

The Income Tax Department searched a Jaipur-based group engaged in the business of gems and jewellery, hospitality, and real estate.

The group was found to be evading tax by accepting cash payments ('on-money') for property sales that were not recorded in their books, and through out-of-books sales of gems and jewellery.

The Income Tax Department searched two major groups involved in the manufacturing of steel TMT Bars.

The groups engaged in tax evasion by inflating expenditures through bogus purchases and by not declaring excess stock of raw materials. One group also layered unaccounted income through bogus loans and share premium from shell companies.

In Rajasthan, unaccounted assets exceeding Rs. 11 crore were seized. In Maharashtra, unaccounted cash of Rs. 56 crore and bullion and jewellery worth Rs. 14 crore were seized, along with cash and jewellery from numerous bank lockers and a secret room.

The search operations were carried out on 03.08.2022.

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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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