Income Tax raid on Jewellers: Rs 3 Crore undisclosed income revealed
While IT officials had recovered Rs 1.1 Cr cash from GBH American Hospital a couple of days back, the raid at two jewellers revealed undisclosed income of Rs 3 Crores.
The income tax raid on two jewellers and a private hospital in Udaipur revealed undisclosed income running into crores. While IT officials had recovered Rs 1.1 Cr cash from GBH American Hospital a couple of days back, the raid at two jewellers revealed undisclosed income of Rs 3 Crores.
Income Tax team completed their raid at Rajawat and Murdia jewellers on Friday night. Investigation revealed undisclosed assets in form of cash and jewellery of Rs 3.1 Cr from the two jewellers.
Matching of bills with assets resulted in mismatch of Rs 50 lakh worth of jewellery at Rajawat jewellers. Further, the team also uncovered Rs 1.25 Cr cash at Rajawat jewellers for which the owners were not able to give a proof of the source.
Related read: Income Tax Raid at GBH American Hospital, 2 Jewellers
Similarly, the search team on investigating the bank account, jewellery assets and the bill book at Murdia jewellers found a mismatch of Rs 1 Cr worth of jewellery and Rs 35 lakh cash. The owner was unable to give a clear proof of source and hence this amount was treated as undeclared asset.
The entire raid was carried out under the supervision of M. Raghuveer, Jt Director, Investigation Wing, Income Tax.