IT dept claims multi-crore tax evasion after raids on Gujarat diamond group
New Delhi(PTI): The CBDT Saturday said the Income Tax Department has detected tax evasion worth crores of rupees in raids on a leading diamond manufacturer and exporter of Gujarat.
The searches were launched on September 22 at 23 premises of the group, which is also in tiles manufacturing business, at Surat, Navsari, Morbi and Wankaner (Morbi) in Gujarat and Mumbai in Maharashtra.
The raids are still underway, it said.
"The primary analysis of data reveals that the assessee has made unaccounted purchase and sale of small polished diamonds of about Rs 518 crore over the period."
"The data reveals that the assessee has sold more than Rs 95 crore of diamond scrap in cash generated from its manufacturing activities, which remains unaccounted for and represents its income," the Central Board of Direct Taxes (CBDT) claimed in a statement.
The assessee, over these years, has accounted for the sale of about Rs 2,742 crore of small diamonds in its books, against which, substantial part of purchases were made in cash, but the purchase bills were taken from accommodation entry providers, it alleged.
The statement said "unaccounted" cash and jewellery worth Rs 1.95 crore has been seized during the raids and "unaccounted" diamond stock of 8900 carat worth Rs 10.98 crore has been detected.
"A large number of lockers belonging to the group have been identified, which have been placed under restraint and will be operated in due course," it said.
The policy-making body for the tax department said that the group was making its "major purchases" of rough diamonds through imports and making export sales of finished bigger diamonds through its company registered in Hongkong, which is effectively controlled and managed from India only.
"The data reveals that the assessee has made purchases of Rs 189 crore and sale of Rs 1,040 crore in the last two years through this entity."
?"...financial transactions of real estate deals were found which led to the detection of unaccounted income of Rs 80 crore," it claimed.
The sale transactions of shares pertaining to the business of tiles were examined which led to the detection of Rs 81 crore of unaccounted income, the CBDT said.
It said the raid teams have seized paper as well as digital data, kept at secret locations under the custody of its trusted employees, that includes proof of unaccounted purchases and sales, accommodation entries (obtaining illegal business entries in accounts) for purchases against which cash is received, the movement of such cash and stock through angadia firms, keeping the unaccounted cash with angadias, investment of such unaccounted income for purchase of property and stock, etc for the last five years.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Cristiano Ronaldo scores his 100th Saudi Pro League goal
Riyadh (AP): Cristiano Ronaldo scored his 100th Saudi Pro League goal as Al-Nassr beat Al-Shabab 4-2 to move five points clear at the top of the table.
The 41-year-old forward converted a Sadio Mané cross at the near post with 15 minutes remaining to record the 971st goal of his career on Thursday. It was also his 26th league goal of the season.
“Ronaldo is always dangerous going forward and we saw that again today,” Al-Nassr coach Jorge Jesus said.
João Félix, signed from Chelsea in July, scored three goals for the league leaders.
The win took Al-Nassr to 82 points from 32 games, five ahead of Al-Hilal, which has three matches, one more than Nassr, left to play. Al-Hilal meets Al-Kholood on Friday and faces Nassr on Tuesday in what could be a title decider against its Riyadh rival.
“Now we have a derby match against our rival, which is a difficult encounter,” Jesus said.
“We are fully aware of its importance, and we are dealing with it with complete focus as we know that small details could decide the result.”
Ronaldo, a five-time Ballon d'Or winner, has yet to secure a major trophy in Saudi Arabia since signing with Al-Nassr in December 2022.
