LUDHIANA: The recent income tax (I-T) raids on multiple premises of India’s two leading dry fruit companies – one having its main base in Amritsar and Delhi and the other in Jammu – have led to detection of unaccounted income of more than Rs 200 crore.
The action also resulted in seizure of unaccounted cash of Rs 63 lakh and jewellery worth Rs 2 crore. During the search, the I-T sleuths have also recovered several incriminating evidence pointing towards inflating purchases to supress profits. The intense four-day raid, which began on October 28, was conducted across India on premises belonging to both the companies located in cities of Amritsar, Jammu, Delhi, Ludhiana, Mumbai and some locations in Haryana and Uttar Pradesh.
Releasing a statement on Friday on the raids, the ministry of finance said, “The income tax department carried out search and seizure operations on October 28 in the cases of persons engaged in the business of processing and trading of dry fruits. During the search operations, many incriminating documents including digital evidence were found and seized indicating that the assessee group has been inflating purchases of dry fruits exorbitantly over the years. Seized evidences also support the fact that unaccounted cash has been received back by the directors of the group against payments made for such purchases. There’s also evidence that one of the assessees was maintaining a parallel set of books of accounts and there was a huge difference between the sales and purchases recorded in both the sets of books of accounts”.
“One of the groups is also indulging in unaccounted purchases and sales of dry fruits. Excess stock to the tune of Rs. 40 crore has been found. The analysis of seized material and evidence collected reveals that one of the groups is also running a benami proprietary concern. In both the groups, the claim of deduction under section 80IB of the Income-Tax Act, 1961 has been found to be not genuine and is estimated to be around Rs. 30 crore. The search action has resulted in seizure of unaccounted cash of Rs. 63 lakh and jewellery of Rs. 2 crore. Fourteen bank lockers have been placed under restraint. The search action has led to the detection of unaccounted income exceeding Rs. 200 crore,” the statement further mentioned.
Both these groups are engaged in dry fruit imports and trading and dealing in huge variety of dry fruits including almonds, walnuts, cashew nuts, raisins, pistachio etc. Both the groups, besides selling dryfruits to distributors and dealers, also have a huge online business of the same under their respective brandnames.




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