Income Tax !! Big news! Income Tax Department in Gujarat, cash, jewelery worth crores recovered in 14 days search

A senior official had said that the campaign is being conducted in 40 premises like offices, factories and residences of prominent people associated with Astral Pipes and Ratnamani Metals and Tubes in different parts of the country. He said that the two business units are not linked to each other.

Cash and jewelery worth crores were recovered during the search and seizure operation in 30 premises like offices, factories and residences of prominent people associated with Astral Pipes and Ratnamani Metals And Tubes .

The Income Tax Department had launched a search and seizure operation on 23 November last month on two major business groups engaged in manufacturing of stainless steel and metallic pipes in Ahmedabad  .

On Tuesday, the Central Board of Direct Taxes (CBDT)  informed that during the search operation, more than 30 premises were raided in Ahmedabad and Mumbai. During the search operation, a large number of objectionable documents, open sheets, digital evidence etc

were recovered.have been made and they have been confiscated. This evidence contains a detailed record of the unaccounted income of the group on which due taxes have not been paid.

The CBDT said that unaccounted cash worth lakhs of rupees has been recovered in the search operation going on for about 14 days . 1.80 crore cash and jewelery worth Rs 8.30 crore have also been found. So far 18 bank lockers have been closed. A total of unaccounted transactions worth more than Rs 500 crore have been detected during the searches.

12 bank lockers were found on the very first day of the search,

an official said earlier , searches were conducted mainly at premises located in Ahmedabad, Mumbai, Delhi and Jaipur . He said both the groups are under the scanner for suspected tax evasion and concealment of unaccounted income.

Officials had said that on the very first day of the search, 12 bank lockers were traced and Rs 1 crore in cash was recovered. The official had said that computer servers of both the business groups have also been confiscated to obtain data from them.