New Delhi, August 2: The Income Tax Department has unearthed "unaccounted" income of more than Rs 1,000 crore after it raided a Gujarat-based business conglomerate last month, the CBDT said Tuesday.

"Unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc. valued at Rs 20 crore have been seized so far," it said in a statement. The searches were launched on July 20 and the agency covered 58 premises in Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.

The "prominent" business conglomerate is engaged in diversified fields of textiles, chemicals, packaging, real estate and education, the CBDT said without identifying the group. The Central Board of Direct Taxes (CBDT) is the administrative authority for the tax department. Tamil Nadu: Income Tax Department Raids Premises of Film Producer Anbu Chezhiyan in Madurai.

Documents and digital data seized during the raids show that the group has been engaged in "large-scale" tax evasion by adopting various methods, including by way of "unaccounted' cash sales outside the books of account, booking of bogus purchases and cash receipts from real estate transactions, it said. ITR-V Submission: Verification of ITR Timeline Reduced to 30 Days From 120, Says Income Tax Department.

"The group has also been found involved in layering of unaccounted sums through share premium from Kolkata-based shell companies." "Certain instances of unaccounted income generated through cash based 'sarafi' (unsecured) advances made have also been found," the statement said.

The business group was "involved in profiteering through manipulation of share prices of its listed companies through operators."

Seized data indicates the group has been siphoning off funds through fictitious entities for personal use of promoters, it said, adding it was found "manipulation" of the books of account of the public limited companies of the congolmerate was being done, the CBDT said.