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Tax evasion to tune of Rs 100 crore detected Sunday, July 15, 2001

The Times of India News Service
AHMEDABAD: In one of the biggest operations this year so far, income-tax sleuths raided premises of a city builder and a coal contractor, who also happens to be a stockbroker-financier. The raids might reveal evasion of more than Rs 100 crore.

According to senior officials, the raids, which were conducted at Ashram Road, Usmanpura, Navrangpura and even in cities outside Ahmedabad, have led to seizure of jewellery and cash worth lakhs, in addition to fixed deposits, share certificates and receipts of a unaccounted investments totalling crores.

From raids on the builder, the department seized gold jewellery worth over Rs 8 lakh. The party also admitted to evasion of income of about Rs 7 crore, which were detected through receipts showing investment in land.

In the second case which is one of the biggest raids of the department, the premises of a financier-cum-stockbroker-cum-coal contractor was detected.

While 5 gunny bags and an almirah full of share certificates were recovered from his premises, papers pertaining to ownership of 32 flats and 22 shops were also seized for evaluation. "Apart from having property in Kolkata, the person has about 250 accounts through which transactions running into several hundreds of crores are suspected to have taken place," said a senior official.

Fixed-deposit certificates worth Rs 5.7 crore were also attached along with five lockers at Classic Co-operative Bank that were yet to be operated, the senior I-T official informed.

News Source : Times Of India News Service [ Lightning News ]

 

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