Rs 46 lakh seized amid CBDT raids

New Delhi, June 17

The Central Board of Direct Taxes (CBDT) today said officials had seized over Rs 46 lakh in cash after they conducted raids recently on the premises of a pashmina and Kashmiri shawl manufacturer in Srinagar, Anantnag and Delhi. In a press release, the agency said the raids were launched on June 15 on 15 premises.

“A preliminary analysis of the seized documents indicates that a substantial portion of sales has been made in cash which has not been found recorded in the regular books of account,” the CBDT said.

The business group, manufacturing pashmina, jamawar and other variety of Kashmiri shawls, resorted to “large-scale tax evasion through under-valuation and under-reporting” of stocks.