I-T raids in Assam detect 'unexplained' investments worth over Rs 100 crore by doctors/medical professionals

The income tax department on Tuesday said that raids conducted in at least 29 locations across Assam revealed "unexplained" investments worth over Rs 100 crore by doctors and medical professionals.

A statement issued by the I-T department said that the raids were conducted on January 8 in Guwahati, Nalbari and Dibrugarh following allegations that some renowned doctors and medical professionals grossly understated their medical receipts, both in their individual capacities and the turnovers in their hospitals/nursing homes, diagnostic centres and pharmaceutical businesses.

"During the course of the search and seizure operation, it has been established that the groups engage in out-of-books transactions. Many documents and cash receipt slips were found which highlight the hugely suppressed turnover in the case of medical professionals and their hospitals/clinics. The quantum of suppressed turnover detected in few cases alone appears to be upward of Rs. 50-60 crore. Further, the net profit shown in the medical/pharma business is also extremely low," said the statement.

The statement, however, did not name the doctors and medical professionals in whose premises the raids were conducted.

Total cash of approximately Rs. 7.54 crore was seized by the department from various residential and business premises of the medical professionals and their allied business. "The cash seized was found to be unexplained in the hands of various hospitals and medical professionals. Papers of huge parcels of land/immovable assets purchased in cash were also seized. Hand written notes/diaries of investments made in immovable assets in cash of around Rs. 20 crore were also seized. The cash generated was found to be diverted in building of new hospitals, reconstruction of nursing homes and acquisition of undisclosed assets," it said.

During the course of the search action, it was found that huge amount of Kachha Cash receipts and transaction were made outside the regular books of accounts. In one such case, it was found that an amount close to Rs 20 crore was undisclosed, said the department.

It further said daily receipts were found to be digitally maintained in Excel/hard disk at medical clinics that had not been recorded in the books of accounts. "In the case of another assessee, the annual receipts were approximately Rs. 15-20 crore, while in the audited books, he had shown the gross receipt of around Rs 5 crore only. In all, unexplained investment/receipts/expenses exceeding Rs. 100 crore has been unearthed due to the search and seizure action," said the statement.