Live
- 30 Youths from TDP Ward Join YSR Congress Party to Support CM Jagananna's Leadership
- NDA Alliance Candidate Badeti Radhakrishnaiah Campaigns in Eluru Constituency
- YS Sharmila Reddy Promises Development and Welfare in Eluru District
- Bobbili TDP Joint Alliance Candidate 'Babynayana' Receives Blessings from Fans for Resounding Victory
- Udayagiri Youth Organize Bike Rally with Chief Guests Mr. Mekapati Abhinav Reddy and Mr. Mekapati Abhishek Reddy
- TDP campaign vehicle set in for in Annamayya district
- KTR flays Revanth Reddy, says Congress deceiving people
- Maoist militia commander surrenders
- Khammam: Raghuram Reddy begins campaign trail
- ‘Petrol Uncle’ sets on foot to create voting awareness in Bengaluru
I-T raids across country uncover Rs 100-cr black income
The Income Tax department has detected 'unaccounted' income of more than Rs 100 crore after its searches against some Bihar-based business groups dealing in real estate and diamond jewellery, the CBDT said on Tuesday.
New Delhi: The Income Tax department has detected 'unaccounted' income of more than Rs 100 crore after its searches against some Bihar-based business groups dealing in real estate and diamond jewellery, the CBDT said on Tuesday.
The raids were conducted on 30 premises located in Patna, Bhagalpur and Dehri-on-Sone in Bihar, Lucknow and Delhi. Unaccounted cash and jewellery worth more than Rs 5 crore were seized and 14 bank lockers sealed during the operation, said the Central Board of Direct Taxes, which frames policy for the tax department.
In the case of a group dealing in gold and diamond jewellery, an analysis of documents and other material shows that it invested its "unaccounted" income in cash in purchase of jewellery, renovation of shops and immovable properties, the CBDT said.
"This group has been found to have introduced unaccounted money of over Rs 12 crore in its books of account in the garb of advance from customers. "On physical verification of stock, unaccounted funds of more than Rs 12 crore has been found," it said.
In the case of another group engaged in real estate business, proof of "unaccounted" cash transactions in purchase of land, construction of buildings and sale of apartments has been found. "The evidence seized in the case of a prominent land broker has further corroborated the above unaccounted transactions. The quantum of such unaccounted cash transactions is more than Rs 80 crore.
