New Delhi: The income tax department has discovered an unknown income of more than Rs 000 after striking out a ‘leading’ gold trader and the ‘largest’ jewelery trader in South India, based in the election-bound Tamil Nadu, the CBDT claimed on Sunday.
It did not give the names of those searched.
The searches were conducted on March 4 on 27 sites in Chennai, Mumbai, Coimbatore, Madurai, Tiruchirappalli, Thrissur, Nellore, Jaipur and Indore.
Uncountable cash of 1.2 million was also seized during the raids.
“The evidence found in the premises of the bully trader revealed that there were unaccounted cash sales, false cash credits from its branches, cash credits in sham accounts appearing for purchases; unexplained cash deposits during the demonetization period, false outstanding miscellaneous creditors and large unexplained equity variations, ”the CBDT claims in a statement.
The Central Board for Direct Taxation (SSB) is the administrative authority for the tax department.
In the case of the jewelry dealer, it was found that the “taxpayer received and repaid cash loans from local financiers, gave cash loans to builders and made cash investments in real estate.”
It is also alleged that the appraiser made ‘unprecedented gold purchases, claimed unlawful bad debts, built up waste in converting old gold to fine gold and producing jewelery, etc.’
“The searches so far have led to the detection of unknown revenue of more than R 000 million,” he said.
Tamil Nadu is holding a single ballot box for its 234-member meeting on April 6.
Source: Telangana Today