The Income Tax Department has so far unearthed undisclosed income of more than ₹ 1,000 crore during searches at 27 locations in different parts of the country in connection with bullion trading and jewelery retail trade with two Chennai-based groups.
The search was carried out on 4 March in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Thrissur, Nellore, Jaipur and Indore. The agency said that one group under the scanner was a major bullion trader in Tamil Nadu and another one of the largest jewelery vendors in the south.
“The evidence found in the premises of the bullion trader showed that unaccounted cash sales from his branches, fake cash credits, cash credits in dummy accounts under the guise of advances for purchases, unexplained cash deposits during the demonetization period, fake outstanding miscellaneous creditors. , And huge unexplained stock variations, “the agency said.
At the jewelery retailer's premises, the department allegedly found that the taxpayer had obtained and repaid a cash loan from local financiers. It had given cash loans to builders and invested cash in real estate, bought gold bullion in plenty, claimed bad bad debts and ruined old gold to make fine gold and jewelery.
During the searches, the agency also seized agency 1.20 crore in unaccounted cash.