The Income Tax department has successfully detected undisclosed foreign assets to the tune of Rs 200 crore, apart from domestic tax evasion of more than Rs 30 crore.
This may inter alia lead to severe criminal consequences under the Black Money Act, 2015, apart from action under the Income Tax Act, 1961.
These findings may also have multi-agency ramifications.
The I-T department had conducted searches on July 23 in a group covering 13 premises across Delhi, Haryana and Himachal Pradesh.
The said group has a significant political presence in a neighbouring state, a government press release said, adding it has been generating large amounts of undisclosed income over several decades.
Evidence detected so far reveals undisclosed cash dealings of huge amounts in immovable property transactions, construction etc.
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