Quick Summary
Income Tax Department initiated a Search Seizure action on few groups engaged in the business of gold diamond jewellery and real estate, on 17.11.2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi. During the course of the
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FAQ :
The Income Tax Department detected unaccounted transactions exceeding Rs. 100 crore during searches conducted on groups involved in gold and diamond jewellery, and real estate businesses.
The searches took place on 17 November 2022 at over 30 premises spread across Patna, Bhagalpur, Dehri-on-Sone, Lucknow, and Delhi.
The targeted businesses were primarily involved in gold and diamond jewellery, and real estate, including land brokerage.
The jewellery business group introduced unaccounted money of over Rs. 12 crore into its books and had an unaccounted stock of more than Rs. 12 crore.
In the real estate sector, unaccounted cash transactions related to land purchase, building construction, and apartment sales amounted to over Rs. 80 crore. Additionally, unaccounted cash and jewellery worth over Rs. 5 crore were seized.
During the operation, unaccounted cash and jewellery worth over Rs. 5 crore were seized, and 14 bank lockers were placed under restraint. Further investigations are ongoing.
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