The Income Tax Department has detected black money to the tune of Rs 150 crore in a search and seizure operation on a group engaged in the business of manufacturing electrical switches, wires, LEDs, real estate and hotel business in Rajasthan, Maharashtra and Uttarakhand.

The search action has covered various locations including Jaipur, Mumbai, and Haridwar. A large number of incriminating documents and digital data have been found and seized during the search action.

A preliminary analysis of seized evidence reveals that several entities, engaged in the business of manufacturing switches, wires, LEDs, etc., have been selling such goods which are not recorded in the regular books of account. During the investigation, it was also noticed that they were claiming bogus expenses to reduce taxable income.

The trail of receipt of cash component on unaccounted sale of goods has also been found. In the case of this group, the search team has detected transactions evidencing undisclosed income of more than Rs.150 crore. The key person of the group has admitted Rs.55 crore as undisclosed income and has already offered to pay tax on this amount.