According to officials, the director of income-tax (investigation) led a search and seizure operation on city-based Pradip Overseas Limited on Wednesday.
The Income-Tax department hit a jackpot during search and seizure operations on a group engaged in textile, metal and real estate business, and a real estate dealer, unearthing black money of close to Rs70 crore. Around 40 premises were covered in the operation, in which cash & jewellery worth Rs3.50 crore have been seized.
According to officials, the director of income-tax (investigation) led a search and seizure operation on city-based Pradip Overseas Limited on Wednesday. The group is engaged in the business of textiles, metal and real estate.
Sources said the group disclosed unaccounted income of a whopping Rs61.80 crore during the operation, which concluded on Wednesday evening. Incriminating documents seized by the officials revealed that the group introduced unaccounted money from textile business as share application money or share capital in group companies through fictitious entities.
The money received by the group in construction business was not recorded in the books, said the sources.
Land dealer and broker, Rohit Thakore, also covered in the operation by I-T officials, disclosed unaccounted assets of Rs5 crore. Thakore had filed a return of income of only Rs1.09 lakh for the year 2008-09.
However, what got him into trouble with I-T sleuths, said sources, was the fact that he had hired a helicopter to ferry guests from Ahmedabad to Tarapore in Vadodara during his son's marriage recently. He also incurred high expenses during the marriage. Nine kg of gold was also seized from Thakore's residence, said the sources.
The search operation on the third group, BR Metals & Alloys, engaged in business of metal and scrap, is continuing, said the sources.
Meanwhile, cash to the tune of Rs1.01 crore and jewellery worth Rs2.50 crore, were seized during the operation. A large number of incriminating documents have also been seized, while bank lockers have been sealed. Officials said investigations are in progress.
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