Inflation of expenditure and under-reporting of revenue has also been detected and the group has also been found to be indulging in unaccounted cash payments, the CBDT said.
'The evidence gathered during the search has revealed several prima-facie unaccounted and benami transactions,' it said.
“Of this, Rs 487 crore has been admitted by the group entities as their undisclosed income,” said the ministry in an official statement.
Hetero Drugs, which produced two important generic drugs for treating Covid-19 patients, came under the I-T dept scanner as it amassed wealth disproportionate to the known sources of income.
The searches were conducted at 34 locations in Kanchipuram, Vellore and Chennai on October 5.
The search operation was carried out at about 50 locations in six States, including Telangana and Andhra Pradesh.
The total unaccounted income unearthed during the searches is estimated to be around Rs 550 crore till now, I-T sleuths said. The search operation was carried out at about 50 locations in six states.
My comparison of Lakhimpur violence to Jallianwala Bagh led to I-T raids on Ajit Pawar's kin: NCP chief
Speaking at a meeting of NCP in Maharashtra's Solapur, Sharad Pawar wondered if people had the right to express their views freely in the country.
Contractors in the Irrigation department were the prime target of the coordinated raids, according to sources in the I-T department.
The raids started on Thursday morning at six sugar factories across Maharashtra. Reacting to the raids, Ajit Pawar said they were politically motivated.
The new RTPS centre, inaugurated at Bihar Sadan in Dwarka, will facilitate the diaspora of Bihar in availing several important e-services like income certificates, caste certificates and others.
The Income Tax Department has carried out search and seizure operations on 37 premises spread across multiple cities, including Mumbai, Pune, Noida and Bengaluru.
IT department detects Rs 500-crore unaccounted transactions after raids on Gujarat real estate group
The raids that were launched at 22 premises of the group and the brokers on September 28 are underway.
I-T department asks taxmen to accept applications till September 30 for settlement before Interim Board
In order to dispose off the pending settlement applications as on January 31, 2021, the government had constituted an Interim Board for Settlement.
IT raids on two Chennai-based private syndicate financing firms unearth undisclosed sum of Rs 300 cr
The modus operandi adopted by the groups revealed that most of the interest payments by borrowers are received in dummy bank accounts and the same has not been disclosed for tax purposes.