Admitted Rs72 crore as undisclosed income!
Jewellery and coloured gemstones m ammoth on search and seizure operations! ITD conducts search operations in Rajasthan Recently the Income Tax Department (ITD) initiated search and seizure operations on a group engaged in manufacturing and export of jewellery and coloured gemstones at Jaipur. The search action covered more than 50 premises at different locations in and around Jaipur. During the course of the search, it was found that the rough of semi-precious and precious stones is imported from African countries and the same is processed in Jaipur. The yield of cut and polished stones is suppressed and part of it is sold in cash, generating unaccounted income which is not recorded in the books of accounts. Such unaccounted income is then deployed to earn interest by providing cash loans through a finance broker. The search team has seized documentary and digital evidences of disbursements of such cash loans and interest earned thereon. The nature of t...