I-T Dept searches TN-based bullion trader, jewellery retailer – The Hindu BusinessLine

The Income Tax Department has carried out searches against two Chennai-based groups, one of which is a leading bullion trader in Tamil Nadu and the other, one of the biggest jewellery retailers in South India.

The search operation was carried out on Thursday at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Tiruchi, Thrissur, Nellore, Jaipur and Indore, an official release said.

According to the release, the searches at the premises of the bullion trader revealed that there were unaccounted cash sales; bogus cash credits from its branches; cash credits in dummy accounts in the guise of advance for purchases; unexplained cash deposits during the demonetisation period; bogus outstanding sundry creditors and huge unexplained stock variations.

The searches at the premises of the jewellery retailer revealed that the taxpayer received and repaid cash loans from local financiers; had given cash loans to builders and made cash investments in real estate properties; made unaccounted gold bullion purchases; claimed wrongful bad debts; inflated wastages in conversion of old gold to fine gold and jewellery making, etc, the release added.

The searches, so far, have resulted in the detection of undisclosed income of more than ₹1,000 crore. Unaccounted cash of ₹1.2 crore has been seized so far, the release added.

This content was originally published here.

Rate:

0 out of 5 stars(0 ratings)

Subscribe to Our Newsletter

money for gold logo

Learn About Buying and Selling Gold for the Best Prices

Get the latest news and expert advice on Gold!

We don’t spam! Read our privacy policy for more info.

Leave a Reply

Related

Share this storyFacebookTwitterLinkedinAn armed robber suspected to be involved in the recent bullion van robbery and…

Read more
‘Provide armoured bullion vans or we’ll stop escorting your cash’ – IGP to banks

In the wake of incessant robbery attacks on bullion vans in the country, the Inspector General of Police, James…

Read more

Those of you who have been with us since the beginning might remember the story of how Bullion got going. However, for…

Read more

Share Great Content for Our Resource Section

About

MoneyForGold.com is a resource site created for those looking to sell their personal collection of gold - whether it’s jewelry, coins, bars, antiques, etc., anything made from gold can be sold for quick cash. We encourage visitors to signup and share quality “Money For Gold” resources.

Have a question or comment? Email us at: contact@moneyforgold.com

Navigation
MoneyForGold.com
50% Complete

Learn Where to Sell Your Gold for the Best Prices

Free 3-Minute, Practical Stories Delivered to You Everyday!
Buy, Sell, Invest in Gold Today!