300 crores of unaccounted transactions found in a Gujarat based tile company raids

The income tax department has detected unaccounted transactions of more than ₹ 300 crore after it raided a Gujarat-based business group engaged in manufacturing of ceramic tiles early this month, the CBDT said Tuesday. The searches were launched on August 9 at 36 premises spread across Rajkot, Morbi, Ahmedabad, Raipur, Guwahati, Gurugram and Kolkata. Initial analysis of seized documents and digital data shows that the group has been engaged in “large-scale tax evasion” by adopting various methods, including, by way of unaccounted cash sales outside the books of account, under invoicing of sales and booking of bogus purchases, the CBDT said in a statement.