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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 - News and Press Release Dated:- 8-3-2021 - News - The Income Tax Department carried out searches on 04.03.2021 in the case of two Chennai based 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 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hennai, 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 cash 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... huge 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 to 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 jew ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellery 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 investigations are in progress. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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