Undisclosed income of over Rs 500 crore has been uneathed by the Income Tax department during multiple raids at the premises of a leading bullion trading firm in Chennai, the CBDT said on Thursday.
The Income Tax department on Thursday unearthed alleged bogus investments of around Rs 150 crore while it conducted searches on the premises of one prominent coal trading company in West Bengal.
At least Rs 62 crore in cash were seized by the Income Tax Department as as part of its multi-city tax evasion operation against hawala or entry operators and individuals who prepare fake bills in Delhi.
"They served notice after money was recovered from a vehicle outside the compound. No money recovered within the compound," said Congress Bihar in-charge Shaktisinh Gohil.
The Congress has launched an attack on the Union Government over Income Tax raids in Chhattisgarh for the past 4 days and termed it as "Coercive & Insecure Centrism".
Having gold at home? Do you know how much you can keep without fearing Income Tax department? CBDT has clarified the prescribed quantity of gold considered allowable.
The raids at the residence of Congress' KB Koliwad come in the run-up to assembly bypolls in 15 segments in Karnataka following the disqualification of the MLAs from Congress and the JD(S) which led to the toppling of the coalition government and installation of the BJP government led by Chief Minister B S Yediyurappa.
"Searches are being conducted at the residences and offices of Suresh Babu. They are part of verification of records," sources told PTI.
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