Rs 200 crore tax evasion detected in cyber raids on quarry operators in Kerala | he raids Kerala | he raid in the quarries | quarries of Kerala | income tax raids kerala


New Delhi: The Income Tax Department raided 35 premises of two groups in Kerala who operate quarries.

More than 35 premises spread across the districts of Kottayam, Eranakulam, Thrissur, Palakkad and Kannur were targeted by the search operation, the finance ministry said in a statement.

“The search action resulted in the seizure of unrecorded cash in excess of Rs 2.30 crore. So far, the search has detected estimated unrecorded income of Rs 200 crore,” indicates the press release.

During the search operation, various incriminated documents and digital evidence were found and seized, including a parallel series of accounting books recording the entries of actual sales and receipt of cash.

“This evidence has clearly revealed the modus operandi followed by quarry operators as they engage in large-scale suppression of sales made in cash, including the fact that these transactions are not recorded in the group’s regular books of account. “said the Ministry of Finance. the ministry said.

The correlation of this evidence also indicates that the unrecorded cash thus generated is routinely invested in the acquisition of real estate, used for the activity of cash lending and unrecorded capital investments in other businesses.

The research team also gathered evidence of cash payment for the purchase of properties and “substantial cash deposits to undisclosed bank accounts.” It was found that the group’s appraisers had sold real estate without properly accounting for the capital gains resulting from these transactions, the statement said. (ANI)

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