Incriminating documents, Rs 7 crore seized in income tax searches at 16 premises in Gujarat

The Income Tax Department has searched 16 premises belonging to two groups in cases of alleged unaccounted money and seized unaccounted cash of approximately Rs 7 crore, jewellery, incriminating documents and digital data, sources said.

The search action was initiated in the case of two assessee groups - one land broker/investor group and another financer group of Ahmedabad.

Sources shared that the land broker/investor group is engaged in land dealing for the last two decades and has earned "huge unaccounted income out of brokerage activities" and has invested it in purchase of land.

They added that the group has been involved in finalising various land deals executed in posh localities of Ahmedabad.

They said the financer group is "one of the leading manufacturers/wholesalers of ladies dresses and has earned huge unaccounted income by way of under-invoicing".

The unaccounted income has been invested in various high-end projects of Ahmedabad, they said.

In total 16 premises, consisting of eight residential, seven offices and one farm house were covered as part of the search action under Section 132 of the Income Tax Act.

The sources said that 134 officers and officials of the department along with 74 police personnel were deployed during searches.

They said voluminous incriminating documents, indicating huge unaccounted cash loans and unaccounted investment in land in the form of loose papers and digital data have been found and it was under analysis.

Sources said the incriminating documents also suggest purchase and sale of land by third parties involving huge unaccounted cash transactions.

The incriminating documents and digital data found from the premises of the financer group indicate unaccounted investment in various real estate project, they said.

During search action, unaccounted cash of approximately Rs 7 crores was found. Thirteen lockers in the name of various family members were found.

The jewellery found from various premises is being valuated. The incriminating documents/digital data found are being scrutinized, the sources said.