Wednesday 13 November 2019
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business-standard - 28 days ago

Incriminating documents, Rs 7 crore seized in income tax searches at 16 premises in Gujarat

The Income Tax Department has searched 16 premises belonging to two groups in cases of alleged unaccounted money and seized unaccounted cash of approximately Rs 7 crore, jewellery, incriminating documents and digital data, sources said.The search action was initiated in the case of two assessee groups - one land broker/investor group and another financer group of Ahmedabad.Sources shared that the land broker/investor group is engaged in land dealing for the last two decades and has earned huge unaccounted income out of brokerage activities and has invested it in purchase of land.They added that the group has been involved in finalising various land deals executed in posh localities of Ahmedabad.They said the financer group is one of the leading manufacturers/wholesalers of ladies dresses and has earned huge unaccounted income by way of under-invoicing .The unaccounted income has been invested in various high-end projects of Ahmedabad, they said.In total 16 premises, consisting of .


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