I-T dept detects over Rs 150 crore black income after raids on Rajasthan group

The Income tax department has detected "unaccounted" income of more than Rs 150 crore after it recently raided a Jaipur-based group engaged in the business of gems and jewellery, hospitality and real estate, the CBDT said Thursday.

The raids were launched on August 3 and more than three dozen premises of the business group, which has not been named by the Central Board of Direct Taxes (CBDT) in its press statement, in Jaipur and Kota districts in Rajasthan were covered.

The Board said the department has seized "unaccounted assets" of over Rs 11 crore so far.

The CBDT frames policy for the tax department.

The statement said in the real estate business vertical, the tax officals found that the group has been "indulging in large-scale tax evasion by accepting cash on the sale of residential dwellings and land which has not been recorded in the regular books of account."

Evidences pertaining to out-of-books sale of gems and jewellery were also unearthed during the search, it said.

"The unaccounted income so earned has been invested in land, construction of luxury hotel and has also been used in financing cash loans."

"The seized evidences contain details of interest income earned on these cash loans which has not been recorded in the books of account," the CBDT said.

A preliminary investigation indicates that the group has indulged in generation of unaccounted income exceeding Rs 150 crore, it said.