Undisclosed income of Rs 65 cr unearthed during raid on human

A raid by the Income Tax department on a hair exporter from North Karnataka has revealed undisclosed income of Rs 65 crore.
The department said the search carried out by its investigation directorate of Karnataka-Goa region in the last fortnight of December also resulted in seizure of Rs 2.5 crore worth of cash and jewellery from the exporter.
Aside from temples, human hair was purchased from beauty parlours, the department said in a release here.
The department said some inmates of ladies hostels were also in the business of cutting off and selling their long locks to earn some extra cash.

The hair is exported to Africa and European countries.
Africa has a fascination for the dry hair market-as the market for weaves, wigs and extensions is known- estimated to be worth $6 billion a year in 2015, it said.

Apart from cash, Rs 2.5 crore worth jewellery and 140 kg of silver articles were seized from the residences, the department said.
The department claimed that the search teams also seized alleged "incriminating" evidences of tax evasion that has been going on for many years.
It was found that second quality sales and wastage sales were not accounted and declared in the I-T Returns, apart from bogus billing of purchases to siphon of money into huge investments, the department said.

The I-T team said further investigation are inprogress.