IT detects undisclosed income worth Rs 8.21cr

Nagpur, Mar 25: The Income Tax (IT) Personnel have detected undisclosed income of Rs 8.21 crore and seized cash and jewellery collectively worth Rs 19 lakh during a search operation on the premises of a business group here earlier this month.

The group, involved in coal trading and copper wire manufacturing, was found operating four bank accounts through which transactions of over Rs 63 crore had been routed. It admitted that the bank accounts were being utilised for ''accommodation entries'' and also disclosed unaccounted income of Rs 8.21 crore, an official release said here today.

The search operation also resulted in seizure of cash worth Rs 13 lakh and jewellery worth Rs 6 lakh, it said.

The action here was part of a series of searches that were being carried out by the Directorate of Income Tax (Investigation), Pune across Maharashtra (except Mumbai) this month.

The searches were carried out on the premises of three business groups, resulting in the detection of an undisclosed income of over Rs 10 crore and the seizure of undisclosed assets worth about Rs 2.23 crore, including cash worth Rs 1.63 crore, the release said.

A search on the premises of a group, engaged in the transport business, in Nashik revealed unaccounted assets of Rs 2.05 crore, including cash aggregating Rs 1.5 crore and jewellery worth Rs 55 lakh. The businessman was found to have suppressed his income, which was invested in movable and immovable properties and was also utilised for money-lending at high rates.

In Pune, a search was conducted on a company, engaged in multi-level marketing, and the premises of its directors. The company has admitted to an undisclosed income of Rs 2 crore, the release added.

UNI