The Income Tax Department has detected unaccounted income of over Rs 150 crore after it recently searched a Jaipur-based group engaged in the business of gems and jewellery, hospitality and real estate. The searches were launched on August 3 and more than three dozen premises of the business group, which has not been named by the Central Board of Direct Taxes (CBDT) in its Press statement, in Jaipur and Kota districts in Rajasthan were covered.
The IT-Department has seized "unaccounted assets" of over Rs 11 crore so far, the CBDT said Thursday.
The CBDT is the regulatory body that frames policy for the tax department.
In the real estate business vertical, the tax officials found that the group has been "indulging in large-scale tax evasion by accepting cash on the sale of residential dwellings and land which has not been recorded in the regular books of account," reads the statement.