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Unaccounted transactions of 3 Jaipur firms totalling 1,400 crore unearthed

The group took over a real estate project showing an investment of only  ₹1 lakh whereas the WIP pertaining to the project was found to be about  ₹133 crore (REUTERS)Premium
The group took over a real estate project showing an investment of only 1 lakh whereas the WIP pertaining to the project was found to be about 133 crore (REUTERS)

  • The IT department had carried out the search-and-survey operation against the 3 firms belonging to a jeweller and two real-estate developers
  • Incriminating documents and digital data in the form of unaccounted receipts, unexplained development expenses, among others, were seized

Unaccounted and unrecorded transactions involving a total amount of over 1,400 crore have been unearthed in a search operation conducted against three Jaipur-based firms, an Income Tax department spokesperson said on Friday.

The search operation is continuing and further investigations are under progress, he said.

The IT department had carried out the search-and-survey operation against the three firms belonging to a jeweller and two real-estate developers.

The coordinated search operation was conducted at 20 premises and the survey was carried out at 11 premises.

The spokesperson said the owner of one of the firms is a prominent builder, developer and coloniser in Jaipur.

During the search, incriminating documents and digital data in the form of unaccounted receipts, unexplained development expenses, unexplained assets, cash loans and advances, on-money receipts were seized.

The complete details of unaccounted transactions of the last six-seven years of the company, maintained in several registers, slip pads, day-to-day "kacchi" cash books, expense sheets and diaries hidden in the basement, were seized from the main business premises. Unaccounted transactions amounting to 650 crore of this company have so far been unearthed.

The second company is engaged in the business of precious and semi-precious stones, jewellery, antiques, handicrafts, carpets, textiles etc.

During the course of the search operation, a concealed cavity was detected by the IT department team at the main business premises of the assessee.

The entire details of unaccounted manufacturing activity of gold and silver ornaments of the last six years was found from the cavity. It is pertinent to note that this manufacturing activity has never been reported in any of the returns of income filed by the company.

Documents relating to "benami" property worth 15 crore were also found from the secret chamber, the IT department spokesperson said in a statement.

Incriminating documents, data and the regular books of account revealed that the assessee suppressed sales consideration ranging from 100 to 150 per cent on items sold to foreign tourists.

Total unaccounted transactions amounting to 525 crore of the company have so far been detected.

The third company is owned by a renowned builder and developer of Jaipur engaged in the development of commercial centres, farmhouses, townships and residential enclaves.

The search operation revealed that the group took over a real estate project at the Airport Plaza by showing an investment of only one lakh in the books of account, whereas the WIP pertaining to the project as reflected in the balance-sheet was found to be about 133 crore.

The search also revealed that a substantial income from various affordable housing schemes run by the assessee were not disclosed in the returns of income, the complete documents of which were seized. The firm had advanced unaccounted cash loans to various people amounting to 19 crore and was also earning interest on the same. Thus, unaccounted transactions amounting to 225 crore of the firm have so far been detected, the spokesperson said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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