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A Jhansi-based group has been detected with ‘unaccounted’ income of more than 150 crore after it was recently raided by the income tax department.

The business group based in Jhansi, Uttar Pradesh, is engaged in undertaking civil contracts and real estate development, the Central Board of Direct Taxes (CBDT) said on Friday.

About 30 premises in Jhansi, Lucknow, and Kanpur in Uttar Pradesh, Delhi, and Goa were covered as art of the search raids launched on August 3 and

The Central Board of Direct Taxes (CBDT) said in a statement that a "key person" covered during the raids "voluntarily offered additional income exceeding 150 crore".

CBDT frames policy for the tax department.

The group was engaged in "large-scale" tax evasion by suppression of its profits through manipulating the regular books of account at the end of every year, it alleged as revealed in the preliminary analysis of evidence in the business of civil contract.

These manipulations were in the nature of the claim of bogus expenses and bogus sundry creditors, etc. These sundry creditors were found to be non-existent and unverifiable.

"The claim of bogus expenses and bogus sundry creditors exceeding 250 crore has been quantified from the seized evidences," it said.

CBDT revealed that another modus operandi adopted by the companies engaged in real estate includes receipt of cash over and above the stamp duty value resulting in tax evasion.

Even when substantial construction work had been completed, these companies were not offering income to tax as per accounting standards.

CBDT stated, "So far, the investigation from evidence collected during the search has revealed the quantum of unaccounted receipts aggregating to more than 150 crore."

The department also seized ‘unaccounted’ cash and jewellery worth over 15 crore so far.

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