Jaipur: Kanpur perfume trader Piyush Jain's case is still in the news that the Income Tax Department has revealed unaccounted income of Rs 300 crore in raids on two groups in Rajasthan related to power equipment manufacturing and loaning business. CBTD has informed in this regard on Tuesday (28th December 2021). The raids were carried out on December 22 and around 50 premises of two unidentified groups located in Jaipur, Mumbai and Haridwar were carried out.
One of the groups deals with electrical switches, wires, LED, real estate and hotel business in Rajasthan, Maharashtra, Uttarakhand. However, the second group deals in the lending business in Jaipur and its surrounding cities. Several objectionable documents and digital data have been recovered in the raid. Investigations against electrical switches, wires, LED, related groups of real estate businesses have revealed that the records of the goods the group is selling were not being kept in the regular book of accounts. Investigations have also revealed that they were showing fake expenses to reduce their taxable income, forcing them to pay less tax. Cash receipt of goods sold in cash has also been received. The Income Tax Department has detected an income of Rs 150 crore against the group. The businessman against whom the inquiry was conducted has admitted to having an undisclosed income of Rs 55 crore and asked him to pay tax.
In an investigation against the lending group, the tax department has found that the group used to lend at high-interest rates in cash. The group has not disclosed the income from lending or interest on it in its income tax return. The investigation against the group has also revealed an undisclosed income of Rs 150 crore. The income tax department has so far seized cash and jewellery worth Rs 17 crore in the raid. The department's investigation is still going on.
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