New Delhi, Nov 21 : Covering over 20 premises spread over Gujarat and Silvassa, the Income Tax (I-T) department has conducted a search and seizure operations on a leading group engaged in manufacturing of chemicals and real estate development.

During the preliminary analysis of the evidence and documents seized in the anti-tax evasion drive, the department has claimed to have found unaccounted income of more than Rs 100 crore.

“The search operation has resulted in seizure of unaccounted cash of about Rs 2.5 crore and jewellery of Rs 1 crore. 16 bank lockers have been placed under restraint,” the I-T department said in a statement.

The statement said that a large number of incriminating evidences in the form of documents, diary notings and digital data showing earning of huge unaccounted income by the group and its investment in assets were found during the search operations on November 18 and seized.

“The evidences clearly indicate evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST credit, claim of bogus commission expenses, etc. The assessee group has also received on-money in immovable property transactions,” the Income Tax department said.(UNI)