Income tax raids-Crores of undeclared assets

Crores of undeclared assets found during income tax raids.

Income tax raids-Crores of undeclared assets

In the massive income tax raids going on in Udaipur city, crores of cash and jewellery came into picture. The raids followed in 20 various centres of marble and medical service groups in 3 different states.

Undeclared assets which value upto crores have been discovered by income tax department. Officers carrying out the raids have not yet declared any details, yet it is being assumed that the undeclared assets found in these places are jewellery worth more than a crore and 50 lakh rupees in cash. A number of lockers have also been seized by the income tax departments.

As reported, physical stock verification work is in its last stage. By Thursday that is today, entire value of undeclared assets will be recorded. It may be noted that income tax raids were carried out in Udaipur, Banswara, Kota and many other places where marble and medical firms have their centres. In the preliminary investigation itself, crores of undeclared assets were found. Income tax department has been thoroughly verifying all documents of these firms.

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