I-T dept to auction diamond firm’s share certificates worth Rs 22 lakh to recover taxes

Surat: Income Tax department will auction Rs22 lakh worth of share certificates seized during search and seizure operations on a diamond firm’s premises some time ago to recover Rs3 crore of unpaid tax.
Official sources said the investigation wing of Surat’s I-T department had carried out search and seizure operations on a leading diamond firm’s premises for tax evasion of over Rs3 crore in 2012. The I-T department seized cash and jewellery worth Rs3 crore and more than 15 bank lockers. The I-T department had seized the share certificates of the diamond company in 2017. Around 21 spots including offices, jewellery and diamond units and residences of the owners in Surat, Ahmedabad and Mumbai were searched by the I-T sleuths.

An I-T official said, “The share certificates of Rs22 lakh will be auctioned on Tuesday to recover an outstanding tax amount of Rs3 crore. This is first time that an auction will be held at the I-T office here.” The diamond company is into manufacturing of polished diamonds and jewellery manufacturing.