Press Release, dated 07-03-2021
The Income-tax Department has carried out search actions on 04-03-2021 in the case of two Chennai based groups. One is a leading bullion trader in Tamil Nadu and the other is one of the biggest jewellery retailers in South India.
The evidence found in the premises of the bullion trader revealed that there were unaccounted cash sales; bogus cash credits from its branches; cash credits in dummy accounts in the guise of advance for purchases; bogus outstanding sundry creditors; and huge unexplained stock variation.
In the case of jewellery retailer, taxpayer made unaccounted gold bullion purchases; claimed wrongful bad debts; inflated wastages in conversion of old gold to fine gold and jewellery making, etc.
The searches have resulted in the detection of undisclosed income of more than Rs. 1,000 crore and unaccounted cash of Rs. 1.20 crore has been seized so far.