THE Income Tax Department has detected undisclosed income of more than Rs 500 crore after it recently raided a Jaipur-based group engaged in manufacturing and export of jewellery and coloured gem stones, the CBDT said on Wednesday. Around fifty premises were searched by the department during raids launched on November 23. The Tax Department also seized Rs 4 crore cash and jewellery valued at Rs 9 crore during the action against the unidentified group.

 

“So far, detection of undisclosed income of more than Rs 500 crore has been made in the group, out of which an aggregate amount of Rs 72 crore has been admitted by the respective group entities as their undisclosed income,” the CBDT said in a statement. The Central Board of Direct Taxes frames policy for the Income Tax Department. The CBDT claimed that the “rough of semi-precious and precious stones is imported from African countries and the same is processed in Jaipur.”