IT dept claims Rs 1,000-cr black income after raids on TN jewellery, bullion group

IT dept claims Rs 1,000-cr black income after raids on TN jewellery, bullion group

The searches were carried out on March 4 at 27 premises in Chennai, Mumbai, Coimbatore, Madurai, Tiruchirappalli, Thrissur, Nellore, Jaipur and Indore.

New Delhi: The Income Tax Department has detected undisclosed income of over Rs 1,000 crore after it raided a “leading” bullion trader and south India’s “biggest” jewellery retailer based in election-bound Tamil Nadu, the CBDT claimed on Sunday.

It did not give the names of those who were searched.

The searches were carried out on March 4 at 27 premises in Chennai, Mumbai, Coimbatore, Madurai, Tiruchirappalli, Thrissur, Nellore, Jaipur and Indore.

Unaccounted cash of Rs 1.2 crore was also seized during the raids, it claimed.

“The evidences found in 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 CBDT alleged in a statement.

The Central Board of Direct Taxes (CBDT) is the administrative authority for the tax department.

In the case of the jewellery retailer, it was found 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.”

Also, it claimed, the assessee had “made unaccounted gold bullion purchases, claimed wrongful bad debts, inflated wastages in conversion of old gold to fine gold and jewellery making, etc.”

“The searches, so far, have resulted in the detection of undisclosed income of more than Rs 1,000 crore,” it said.

Tamil Nadu will hold single phase of polls for its 234- member assembly on April 6.

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

We operate by Appointment-Only. No Walk-Ins will be permitted whatsoever. Please use the online system to submit an…

Read more

“THE GREATEST POWER IS NOT THE MONEY POWER BUT THE POLITICAL POWER”. In a community where two men are highly…

Read more

The 2021 Britannia Gold Bullion One Ounce Coin redefines security in the bullion market. Created by the team behind the…

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!