Transactions of over Rs 500 crore have been detected after the Income Tax Department raided a Gujarat-based who manufactures stainless steel and metal pipes, the Central Board of Direct Taxes (CBDT) said. “A huge number of accusing documents, loose sheets, digital evidence, etc., have been found and seized. This evidence includes detailed records of the group’s missing income on which due taxes have not been paid,” the CBDT added.

A preliminary analysis of evidence, the policy-making group for the tax department, said that the group is indulging in “unaccounted sales of goods and scrap in cash which is not recorded in the regular books of account. Violations like unaccounted cash loans and interest earned thereon, expenses incurred in cash, false expenses and acquisitions, unaccounted land investments etc., have also been found. The raids have led to the discovery of total unaccounted transactions of more than Rs 500 crore,” it added.