The Central Commission on Direct Taxes (CBDT) claimed in a statement that the data suggests that the assessor has sold more than 95 crore of waste diamond in cash from its manufacturing activities, which is still unrecorded and constitutes its income.
The culmination of the research was the discovery of a considerable amount of unrecorded data in paper and digital form, which was kept in hidden locations under the custody of trusted company staff in Surat, Navasari and Mumbai.
Over the past five years, data includes evidence of unrecorded purchases, unaccounted sales, the taking of accommodation entries for purchases against which money is received, the movement of such cash and cash. actions through angadia companies, the custody of unrecorded money with angadias and the investment of that unrecorded income. for the purchase of goods and shares.
The appraised has recorded the sale of around 2,742 crore of tiny diamonds in his accounts over the years, with a significant portion of purchases made in cash, but buys invoices obtained from entrance accommodation providers, claims he does.
During the raids, “unrecorded” cash and jewelry worth 1.95 crore were seized, along with a stockpile of “unrecorded” diamonds worth 10.98 crore, according to the report. communicated.
In addition, the appraised company has made its significant acquisitions of rough diamonds through imports and export sales of large diamonds completed through a Hong Kong-based entity that is effectively controlled and managed. from India only. According to the data, the appraised person has spent Rs. 189 crore and sold Rs. 1,040 crore through this business in the past two years.
During the research all financial transactions of real estate sales were uncovered resulting in the discovery of Rs. 80 crore of undeclared money. In addition, sales transactions related to the tile trade were investigated, culminating in the discovery of Rs. 81 crore of unrecorded funds.
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Article first published: Sunday, September 26, 2021, 9:12 a.m. [IST]