20 Mar , 2021 By : kanchan Joshi
NEW DELHI: After a search operation on mobile accessory dealers in Mumbai earlier this week threw up unaccounted income of around Rs270 crore, the Income Tax Department on Saturday said transactions in the sector are largely unaccounted.
The tax department had conducted searches on Wednesday in Mumbai on the premises of mobile accessory dealers and a builder, leading to detection of unaccounted payments and investments in real estate as well.
In the case of the mobile accessory dealers, the department said evidence of out-of-book sales and undisclosed income of around Rs270 crore were detected. The group, which was searched, imports goods from China which were allegedly under-invoiced and payments were made through hawala channels. Thirteen secret warehouses with unaccounted stock have been discovered, the department said in a statement.
"This operation has revealed that the entire sector of trading in mobile accessories is largely unaccounted. The main components are imported from China through Mumbai and Chennai ports. Search has revealed that the dealers are undervaluing the sales and purchases in a major way," the statement said.
Their transactions with Chinese counterparts take place through a chat application, details of which were recovered using forensics, it said.
The real estate group which was searched is developing a commercial mall with 950 units exclusively for mobile accessories business. The builder group allegedly took funds which were over and above the reported transaction value, the statement said.
The department has in recent months stepped up searches and surveys based on extensive data mining and analysis of intelligence received from other regulatory agencies.
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