Income Tax department carried out a raid at an electronic businessman’s premise on the day of Holi. The IT team uncovered an undeclared income of Rs 2.81 Cr during the investigation.

The IT team carried out reconciliation of all documents and account statements along with stock from the time of demonetisation till date. The investigation was carried out under the directions of joint director of the investigation wing, M Raghuveer.

The IT team had received information that the businessman had sold a lot of stock in back-date during the time of demonetisation and had deposited the income from that during the time of demonetisation. On this, the IT team investigated the entire stock, billing and statement during the demonetisation period.

The IT team is currently tightening the screws on businesses that had sold goods in back-dated manner during the demonetisation period.