Evidence for a total of Rs. 6 crore of "unexplained investments" seized
Yield Rs. 1.13 crore in cash, 85 kg of gold jewellery and 170 kg of silver articlesInvestigation on to ascertain unaccounted transactions
CHENNAI: Income Tax officials on Saturday conducted raids on the residential and business premises of jewellers, pawnbrokers and moneylenders in Chengalpattu, Thirukazhukundram and Chennai. The simultaneous raids yielded Rs. 1.13 crore in cash, 85 kg of gold jewellery and 170 kg of silver articles.
The total tax evasion was to the tune of Rs. 6 crore, Santosh Datta, Chief Commissioner, Income Tax-Chennai, and Director-General of IT (Investigation Wing), said.
Mr. Datta told The Hindu that the raids were conducted on 20 premises, both business and residential, of three jewellers. The jewellers admitted to over Rs. 5.7 crore as "unexplained investments."
A sum of Rs. 1.64 crore had been collected as taxes from them. Documentary evidence for a total of Rs. 6 crore of "unexplained investments" in gold jewellery and silver and gold stocks were seized.
In Chennai, one of the jewellers absconded at the time of the raid.
The Income Tax officials sealed his residence and began their search after he was tracked down.
More than 21 teams were formed. About 100 officials and staff, led by the Additional Director of Income Tax (Investigation Unit-III), Chennai, participated in the action spread over two days.
Investigation was on to ascertain the unaccounted transactions in the form of financing and purchase of immovable properties, he said.