IT dept raids 2 business houses, unearths unaccounted cash

Income Tax department conducted raids at the residential and business premises of two business houses engaged in handicraft exports and packaging material and discovered unaccounted income worth Rs 392.43 lakh have unearthed, an IT official said today.
Unaccounted income worth millions, has been unearthed by the IT department during its search and seizure operation at the city based two business houses.
"We had raided a total of 30 premises of these two business houses located at Jodhpur, Abu Road, Mumbai, Kolkata and Noida on May 8 following the directions of our head office at Jaipur," said Additional Director (Investigation) Avdhesh Kumar, adding raids lasted for three days.

Total assets worth Rs 392.43 lakh have been seized, which included cash worth Rs 38.63 lakh and jewellery worth Rs 353.80 lakh, Kumar said.
"Besides this, we have also seized documents showing unaccounted transactions of these groups. They included investment in immovable property, expenses in construction, cash & stock," he said.
The department has also unearthed an undisclosed income of Rs 15.64 crore, admitted in the form of cash, jewellery, unaccounted investment in immovable property, unaccounted advances for land and machinery, out of books construction expenses, and excess stock, from the group involved in handicrafts business.

Undisclosed income of Rs 4 crore found in form of jewellery, unaccounted purchase of land, and unaccounted advances for land was admitted from the group engaged in packaging material business.

The seized documents and other evidences were being analysed and investigated further, the official said.
Three lockers were also found during the search operation which have been sealed and would be opened soon, he added.