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Case 5: Delhi Based Bitumen Trader

Author: ITD Date:12-06-2017 17:04 PM

In case of a bitumen and jeweler trader, cash of Rs. 150 crore was deposited in the bank accounts post 8th November, 2016. These deposits were sought to be explained as cash sales by making backdated entries in Tally software, with all entries of local cash sales of exactly the same amount of Rs. 1,99,500/-. He also accepted cash in SBNs and facilitated purchase of gold post 8 November. Two major parties, to which gold was shown to be sold, were in Jaipur. A commission was sent to Jaipur, for spot verification, but no entity was found at the given addresses. The total sale to these parties was around Rs. 135 crore as per the searched person books of accounts. When confronted evidence from Jaipur, major partner of the firm, revised his statement and admitted that he had accepted that cash in SBNs from various parties, which he had deposited in his accounts and had in turn supplied gold bars to them in lieu of cash. He also provided names and mobile numbers of the parties to whom he had sold gold. He admitted that he made daily entries of cash received and gold bars given on paper slips, which were destroyed the same day. The names and mobile numbers were verified from the contacts of the mobile of the searched person. During the search proceedings, the person admitted Rs. 18 crore as his undisclosed income.
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