BENGALURU: In a major leap, the Investigation wing of Income Tax – Directorate of Income Tax (Investigation) (DGIT), Karnataka & Goa, with assistance from DGITs, Maharashtra, Kerala and Andhra Pradesh, has reportedly excavated a huge amount of suppressed income from raids conducted across the states on the chains of 2 well known jewelry showrooms— ‘Sulthan’ and ‘City Gold’ last week.
Sources on condition of secrecy told The New Indian Express that the 2 jewelry groups have reportedly ‘admitted’ to owning unaccounted income of around Rs 125 crore to the tax investigators. “The I-T investigators discovered during the search and seizure operations that the 2 jewelry groups were allegedly purchasing unaccounted recycled gold worth hundreds of crores from Mumbai after they seized books of parallel purchases from underground drawers from the purchasing point.
While the 2 groups have admitted to unaccounted income of around Rs 125 crore, their sales in cash outside the books could be in hundreds of crores.
The DGIT, Karnataka & Goa, had conducted simultaneous search and seizure operations in showrooms of ‘Sulthan’ and ‘City Gold’ in Bengaluru, Udupi, Mangalore and Shivamogga last week. Simultaneous raids were conducted in Kerala, Andhra Pradesh and Mumbai by the Income Tax investigation wings in these states. “It was a team effort which yielded huge success,” the officer added