The Income Tax department detected unaccounted income of over Rs 50 crore following raids on sand mining, liquor trade and real estate businesses in the border districts of Rajasthan.
According to reports, thirty-three premises at different locations were covered during the searches that were carried out on October 28.
During the search, documentary evidences were found and seized indicating receipt of unaccounted cash as well as utilisation of the same towards purchase of land.
Further, evidence of cash sales of sand has been found and seized. The analysis of the same reveals that part of these cash sales have not been recorded in the books of accounts.
Unaccounted cash of Rs 2.31 crore and jewellery worth Rs 2.48 crore have been seized. The action has led to the detection of total unaccounted income exceeding Rs 50 crore.
Out of the above, the assessees have admitted unaccounted income exceeding Rs 35 crore and offered to pay due taxes on the same.