Ahmedabad: The income tax department on Tuesday recovered gold worth Rs 24 crore and Rs 20 crore in cash during a raid on the premises of a textile and real estate company in Gujarat. The Income Tax department has also claimed that transactions worth over Rs 1,000 crore have been detected so far during the checking that began on July 20.
The Income Tax Department has raided the premises of traders engaged in the business of textiles, chemicals, packaging and education in Gujarat. The checking was carried out at 58 premises in Gujarat's Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata. During the search, illegal transactions worth more than Rs 1,000 crore have been revealed. Unaccounted cash worth Rs 24 crore and jewellery worth Rs 20 crore have been recovered. The IT department has said that during the search, the search team seized various incriminating evidence and digital data. Based on the evidence collected, it can be said how many groups were involved in tax evasion.
The Income Tax Department has said that the Gujarat-based companies were also rigging through premium shares from Kolkata-based shell companies. The companies were also making profiteering through manipulation of share prices. The seized evidence shows that the group is siphoning off money through fictitious entities for private use.
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