CHENNAI: The revenue tax division on Thursday stated it detected undisclosed revenue to the tune of Rs 500 crore throughout searches on the premises of a number one wholesale bullion and gold jewelry supplier in Chennai on Tuesday.
The IT division stated it performed searches on 32 premises positioned in Chennai, Mumbai, Kolkata, Coimbatore, Salem, Trichy, Madurai and Tirunelveli.
“The evidences unearthed embrace unaccounted inventory maintained by the assessee at numerous locations. Round 814kg of extra inventory valued at round Rs 400 crore was recognized and could be delivered to tax,” the I-T division stated in an announcement.
Nonetheless, since it’s a enterprise inventory, it couldn’t be seized. The Revenue Tax Act, 1961 restrains seizure of enterprise inventory.
Equally, the surplus inventory of fifty kg discovered on the enterprise premises of associated issues was not seized. Nonetheless, they had been recognized for quantification of unaccounted revenue.
The I-T division stated knowledge from programs maintained by the group confirmed a web revenue of Rs 102 crore outdoors books for the 2018-19 monetary yr alone. “We’re ascertaining the identical knowledge for 2019-20 and 2020-21 from programs utilizing forensic instruments,” the assertion stated.
The group has been sustaining a custom-made package deal referred to as Jpac to cleverly conceal the true info of the enterprise. The products had been transported by elevating payments/invoices as tough estimation, which might be destroyed on supply of products.
Forensic consultants utilizing specialised instruments had been culling out extra knowledge to achieve a closing quantification of unaccounted revenue, it stated. The info so obtained could be used to unearth the unaccounted transactions of different events.
“The assessee has made voluntary disclosure of Rs 150 crore out of the undisclosed revenue detected up to now. Investigation into the non-business investments of the group and use of lodging entries to scale back income can be in progress, ” the revenue tax division stated.