Tax department seizes cash, jewelery worth ₹102 crore from various premises – Gudstory

Around 55 premises were covered during the searches in the states of Karnataka, Andhra Pradesh, Telangana and New Delhi, the department statement said.

The searches reportedly resulted in the seizure of unaccounted cash and gold and diamond jewelery worth approximately Rs 94 crore. 8 crores, taking the total to over Rs.102 crores. Additionally, a cache of around 30 foreign-made luxury wrist watches was recovered from the premises of a private salaried employee, the statement said.

The statement said the search revealed a large amount of incriminating evidence in the form of documents and digital data.

The statement said the contractors were allegedly involved in suppressing their income by making fraudulent purchases, non-genuine claiming of expenses with sub-contractors and inflating expenses by claiming ineligible expenses. The statement said the irregularities detected in the utilization of contract proceeds resulted in generation of huge amount of unaccounted cash and creation of undisclosed assets.

The department said the contractors it searched were also allegedly involved in booking expenses for non-commercial purposes.

The tax authority does not disclose the identity of the taxpayer. The department said large scale unaccounted cash transactions were also found during searches from the premises of tax payers, sub-contractors and associates including some cash handlers, which were not found to be recorded in the books of accounts. Further investigation is in process. Real estate developers and jewelers often come under the radar of the tax authority for alleged financial irregularities.

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Updated: October 16, 2023, 09:17 PM IST