Quick Summary
The Income Tax Department initiated search and seizure operations on a group engaged in manufacturing and export of jewellery and coloured gemstones at Jaipur on23.11.2021. The search action covered more than50 premisesat different locations in and around Jaipur. During the course of the search, it was found that the rough of semi-precious and precious stones is imported from African countries and the same is processed in Jaipur. The yield of cut and polished stones is suppressed and part of
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1999
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3499
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999
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FAQ :
The Income Tax Department conducted search operations on a group engaged in the manufacturing and export of jewellery and coloured gemstones.
The rough semi-precious and precious stones were imported from African countries and processed in Jaipur.
Unaccounted income was generated by suppressing the yield of cut and polished stones and selling part of it in cash, which was not recorded in the books of accounts.
The unaccounted income was deployed to earn interest by providing cash loans through a finance broker.
The search team seized cash of about £4 crore and jewellery valued at £9 crore. Documentary and digital evidence of cash loans and interest earned was also seized.
So far, detection of undisclosed income of more than £500 crore has been made, with £72 crore admitted by the group entities.
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