Income Tax department searches on Chennai-based wholesale bullion and gold jewellery dealer have led to the detection of undisclosed income of more than Rs 500 crore. Taxmen carried out searches at 32 premises located in major metro cities Chennai, Mumbai, Kolkata, besides Coimbatore Salem, Trichy, Madurai and Tirunelveli districts of Tamil Nadu, said a statement from the IT Department. Forensic experts using specialised tools are culling out more data to reach a final quantification of unaccounted income, the department added.
Sources said that the searches were conducted on the Mohanlal Group and that unaccounted stock was among the pieces of evidence unearthed. According to the IT department, around 814 kg of excess stock valued at around Rs 400 crore, would be brought to tax and the same was not seized under the Tax Act 1961, as it restrains seizure of Business stock.
IT Department statement said that “the data from the system maintained by the group shows a net income of Rs 102 crore outside books for the financial year 2018-19 alone. The data for financial years 2019-20, 2020-2021 available in the system is being culled out using forensic tools.” Similarly, the excess stock of 50 kg found in the business premises of related concerns was not seized, but identified for quantification of unaccounted income, the statement added.
According to the taxmen, the group has been maintaining a custom made package called ‘Jpac’ to conceal true facts of their business. The goods were transported by raising bills/invoices as a rough estimation, which would be destroyed on the delivery of goods. The data so obtained will be used to unearth the unaccounted transactions of other parties based on the data extracted.
Of the Rs 500 crore undisclosed income that has been detected so far, the assessee has made a voluntary disclosure of Rs 150 crore and the sleuths are also looking into non-business investments of the group and use of accommodation entries to reduce profits.
