Quick Summary
The Income Tax Department carried out search and seizure operations on 22.09.2021 on premises of a leading Diamond manufacturer and exporter from Gujarat, based on intelligence input about tax evasion. Apart from the diamond business, the group was also in the business of manufacturing of tiles. The
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FAQ :
The Income Tax Department conducted search and seizure operations on 22nd September 2021.
The searches targeted a leading diamond manufacturer and exporter from Gujarat, whose group was also involved in the manufacturing of tiles.
The operation covered 23 premises located in Surat, Navsari, Morbi, Wankaner in Gujarat, and Mumbai in Maharashtra.
A large volume of unaccounted data in paper and digital form was seized, along with unaccounted cash and jewellery worth Rs 1.95 crore, and unaccounted diamond stock of 8900 carat valued at Rs 10.98 crore.
The primary analysis of data reveals unaccounted purchase and sale of small polished diamonds of about Rs 518 crore. Further detections include Rs 80 crore from real estate deals and Rs 81 crore from tile business share transactions.
No, the search operation is still continuing and further investigations are in progress.
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