The Income Tax (I-T) Department on January 19, seized unaccounted assets worth Rs 24.93 crore during a search operation conducted in 13 premises of a leading hospitality industry group in the National Capital Region (NCR).
The Income Tax Department conducted searches on January 19, on a group that has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR," the Central Board of Direct Taxes (CBDT) said in a press release on Friday.
CBDT revealed that the group is a leading member of the hospitality industry which is running a chain of luxury hotels under a prominent brand name at various locations in India and abroad.
The press release also mentioned that the search operation led to the seizure of unaccounted assets amounting to Rs 24.93 crore, of which Rs 71.5 lakh was in cash, and jewellery worth Rs 23 crore plus expensive watches valued at Rs 1.2 crore.
On the basis of evidence gathered during the search, CBDT claims that the group has stored a large amount of black money abroad through the Trusts formed in the early 1990s in tax havens.
"The investigation has successfully lifted the veil, leading to detection of undisclosed foreign assets of more than Rs 1,000 crore, apart from domestic tax evasion of more than Rs 35 crore which may, inter alia, lead to consequences under the Black Money Act, 2015, as also, action under the Income-Tax Act, 1961 respectively," the release said.
The foreign assets include investment in a hotel in the United Kingdom, properties in the UK and the UAE and deposits with foreign banks. According to CBDT, these foreign holdings of the owners were hidden for decades beneath complex multi-layered structures, located in different countries, ensuring its secrecy. Further probe into the matter is underway.
(With inputs from ANI)