Income Tax department conducts survey at spices firm

  • | Saturday | 9th February, 2019

It was revealed that the money earned from spices business was routed into real estate business. INDORE: Income Tax department has unearthed unaccounted income of over Rs 1 crore during a survey at spices manufacturing unit in Indore In a recently concluded survey, Indore-based spices manufacturer was found hiding financial transactions by means of trade without actual bills and unaccounted stocks.I-T department said that survey on the premises of Dave Masala Pvt Ltd revealed unaccounted income through their spices and real estate business.“During survey unaccounted income of Rs 1.52 crore was unearthed for which the total tax liability is being evaluated. The firm has paid Rs 15 lakh as part of the tax component,” an official from the department said. Dave Masala has one real estate plotting project in the city, according to I-T sleuths. The department is also investigating investment and other valuable documents seized by the sleuths during survey at Karnawat Pan Shop.“We are evaluating actual value of the land and property in their possession and cost they have shown on paper,” a department official said.Official said, as Karnawat was running on a franchise model investigation will take some time several relatives of owner are involved in business.

INDORE: Income Tax department has unearthed unaccounted income of over Rs 1 crore during a survey at spices manufacturing unit in Indore In a recently concluded survey, Indore-based spices manufacturer was found hiding financial transactions by means of trade without actual bills and unaccounted stocks.I-T department said that survey on the premises of Dave Masala Pvt Ltd revealed unaccounted income through their spices and real estate business.“During survey unaccounted income of Rs 1.52 crore was unearthed for which the total tax liability is being evaluated. The firm has paid Rs 15 lakh as part of the tax component,” an official from the department said. It was revealed that the money earned from spices business was routed into real estate business. Dave Masala has one real estate plotting project in the city, according to I-T sleuths. The department is also investigating investment and other valuable documents seized by the sleuths during survey at Karnawat Pan Shop.“We are evaluating actual value of the land and property in their possession and cost they have shown on paper,” a department official said.Official said, as Karnawat was running on a franchise model investigation will take some time several relatives of owner are involved in business.

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