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I-T dept raids Gurgaon-based firms, claims Rs 600 crore hidden income

November 16, 2021 09:11 AM

New Delhi, In a massive crackdown on two Gurgaon-based firms engaged in real estate and equipment manufacturing for alleged tax evasion, the Income Tax (I-T) department on Monday claimed to have detected Rs 600 crore hidden income.

A total cash of Rs 3.54 crore and jewellery worth Rs 5.15 crore have been seized during the operation. As many as 18 bank lockers have been placed under restraint.

"The search action, in these groups, has led to the detection of estimated unaccounted income to the tune of Rs 600 crore. Further investigations are in progress," said I-T department in a statement.

The search and seizure operations were carried out on November 10.

The department said that various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, acquisition of shell companies, benami properties and transactions, bogus unsecured loans and share application money among others were found and seized.

"Further, evidence of large sums of money having been received in the form of salary and remuneration by family members without any commensurate qualification or participation in the management of the businesses has been found and seized in one of the groups," the statement said.

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