The Income Tax (I-T) department has detected unaccounted income of over Rs 50 crore after raids on sand mining, liquor, and real estate businesses in the border towns of Rajasthan, the Central Board of Direct Taxes (CBD) said on Thursday. On October 28, 33 premises were raided, it said.
"Documentary evidence was found and seized, indicating the receipt of unaccounted cash as well as the utilisation of the same towards purchase of land.
"Evidence of cash sales of sand has been found... the analysis of the same reveals that part of these cash sales has not been recorded in the books of accounts," the CBDT said in a statement.
Unaccounted cash of Rs 2.31 crore and jewellery worth Rs 2.48 crore has been seized, it said.
"The action has led to the detection of total unaccounted income exceeding Rs 50 crore," the CBDT said.
"Out of the above, the assessees have admitted unaccounted income exceeding Rs 35 crore and offered to pay due taxes on the same," the statement said.
