Quick Summary
The Income Tax Department carried out searches on 04.03.2021 in the case of two Chennai based groups, one of which is a leading bullion trader in Tamil Nadu and the other is one of the biggest jewellery retailers in South India. The search operation was carried out at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore. The evidences found in the premises of the bullion trader revealed that there were unaccounted cash sales; bogus cash cred
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Income Tax Department searched a leading bullion trader and one of the biggest jewellery retailers in South India, both based in Chennai.
The searches were conducted across 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur, and Indore.
Evidence revealed unaccounted cash sales, bogus cash credits, unexplained cash deposits during demonetisation, and huge unexplained stock variations.
The retailer received and repaid cash loans, made cash investments in real estate, engaged in unaccounted gold bullion purchases, and claimed wrongful bad debts and inflated wastages.
The searches have resulted in the detection of undisclosed income exceeding Rs 1,000 crore.
Yes, unaccounted cash amounting to Rs 1.2 crore has been seized so far.
CAclubindia
