New Delhi,  The Income Tax department on Thursday said that it carried out a search operation on August 3 on a Jaipur-based group engaged in the business of gems and jewellery, hospitality and real estate.

The search operation covered more than three dozen premises located in Jaipur and Kota.

During the course of the search, a large number of incriminating documents and digital evidence were seized.

The analysis of seized evidence of real estate business revealed that the group was indulging in large-scale tax evasion by accepting on-money in cash on the sale of residential dwellings and lands, which has not been recorded in the regular books of account.

Further, evidence pertaining to out-of-books sale of gems and jewellery were also unearthed during the search.

"The search also revealed that the unaccounted income so earned has been invested in land, construction of luxury hotel and has also been used in financing cash loans. The seized evidence contains details of interest incomes earned on these cash loans which have not been recorded in the books of account," said the official.

The official said that preliminary investigation indicated that the group had indulged in generation of unaccounted income exceeding Rs 150 crore.

So far, the search operation has resulted in seizure of unaccounted assets exceeding Rs11 crore.

Further investigation in the case was on.