9911796707
TMI BlogIncome Tax Department conducts searches in Tamil NaduX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Department conducts searches in Tamil Nadu X X X X Extracts X X X X X X X X Extracts X X X X ..... d groups, one of which is a leading bullion trader in Tamil Nadu and the other is one of the biggest jewellery retailers in South India. The search operation was carried out at 27 premises located in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore. The evidences found in the premises of the bullion trader revealed that there were unaccounted cash sales; bogus cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h credits from its branches; cash credits in dummy accounts in the guise of advance for purchases; unexplained cash deposits during the demonetization period; bogus outstanding sundry creditors; and h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uge unexplained stock variations. The evidences found in the premises of the jewellery retailer revealed that the taxpayer received and repaid cash loans from local financiers; had given cash loans t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 jewell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery making, etc. 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. Further in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vestigations are in progress. X X X X Extracts X X X X X X X X Extracts X X X X
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