The Directorate of Income Tax (investigations) has detected that Rs 135 crore black money was stashed away in Swiss banks in 2011-12 by four business groups of Gujarat. Further,fixed deposits worth Rs 28 crore brought to India from Switzerland were seized in various search operations during the last financial year.
Sources said,these businessmen are based in Rajkot and Vadodara and involved in trading and manufacturing. One of them is also a doctor,they said,adding that during the operations,the four could not disclose the sources of income kept in those banks.
Last year,the Central Board of Direct Taxes had passed on information about 15 HSBC bank accounts to the investigation wing when the issue of black money hidden in foreign banks was at its peak.
In 2011-12,the investigation wing carried out 30 search and seizure operations across the state in which Rs 1,250 crore unaccounted money was unearthed.
Tax evasion: Innovative modus operandi
During the raids last year,several innovative modus operandi to evade taxes by the assessees were also detected.
A leading real estate group used to ask buyers to deposit just 1% of the amount by cheque that served as evidence for receipt of the cash,sources said.
One of the most interesting modus operandi to dodge income tax officials was detected during raids on jewellers. It was found that to camouflage long-term capital gain to the extent of Rs 24 crore,artificial capital loss was created by trading the share of group companies at high price and selling them to close relatives of the promoters.