Rs 1,000 cr black income detected after raids at Tamil Nadu jewelry, bullion group
The Income Tax division carried out searches within the case of two Chennai primarily based teams, certainly one of which is a number one bullion dealer in Tamil Nadu and the opposite is among the greatest jewelry retailers in South India. The search operation was carried out at 27 premises situated in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore, on March 4.Â
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 in the course of the demonetization interval; bogus excellent sundry collectors; and large unexplained inventory variations.
The searches, up to now, have resulted within the detection of undisclosed income of greater than Rs. 1000 crore. Unaccounted money of Rs. 1.2 crore has been seized up to now, Surabhi Ahluwalia, official spokesperson Central Board of Direct Taxes, mentioned.
The proof discovered within the premises of the jewelry retailer revealed that the taxpayer acquired 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 previous gold to fantastic gold and jewelry making, and so forth.Â
Further investigations are in progress.
