Image Source : PTI Rs 1,000 cr black earnings detected after raids at Tamil Nadu jewelry, bullion group
The Income Tax division carried out searches within the case of two Chennai based mostly teams, considered one of which is a number one bullion dealer in Tamil Nadu and the opposite is likely one of the largest jewelry retailers in South India. The search operation was carried out at 27 premises positioned in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore, on March 4.
The proof discovered within the premises of the bullion dealer revealed that there have been unaccounted money gross sales; bogus money credit from its branches; money credit in dummy accounts within the guise of advance for purchases; unexplained money deposits through the demonetization interval; bogus excellent sundry collectors; and big unexplained inventory variations.
The searches, thus far, have resulted within the detection of undisclosed earnings of greater than Rs. 1000 crore. Unaccounted money of Rs. 1.2 crore has been seized thus far, Surabhi Ahluwalia, official spokesperson Central Board of Direct Taxes, mentioned.
The proof discovered within the premises of the jewelry retailer revealed that the taxpayer obtained and repaid money loans from native financiers; had given money loans to builders and made money investments in actual property properties; made unaccounted gold bullion purchases; claimed wrongful unhealthy money owed; inflated wastages within the conversion of outdated gold to fantastic gold and jewelry making, and so on.
Further investigations are in progress.
Latest India News
