Chennai’s gold dealer busted; IT raid uncovers Rs 500 crore worth undisclosed income

The Income Tax (IT) Department on Thursday said forensic experts, using specialised tools, are culling out data on unaccounted income of a city-based wholesale bullion and gold jewellery dealer.

The data so obtained will be used to unearth the unaccounted transactions of other parties, it said.

The IT Department on Wednesday had carried out searches at 32 premises located in Chennai, Mumbai, Kolkata, Coimbatore, Salem, Trichy, Madurai and Tirunelveli and detected undisclosed income of over Rs 500 crore.

According to the department, the assessee has made voluntary disclosure of Rs 150 crore out of the undisclosed income detected so far.

Income tax dept raidPixabay

IT Dept uncover Rs 400 crore excess stock

Investigation into the non-business investments of the group and use of accommodation entries to reduce profits is also in progress, it added.

According to the IT Department, the searches unearthed unaccounted stock maintained by the assessee at various places. Around 814 kg of excess stock valued at around Rs 400 crore was identified and would be brought to tax.

Since it is a business stock, the same could not be seized as Income Tax Act, 1961 restrains seizure of business stock. Similarly, the excess stock of 50 kg found in the business premises of related concerns was not seized, but identified for quantification of unaccounted income.

Rs 2000, raids, currency, cash seized

Seized cash [Representational image]IANS

The data from the system maintained by the group shows a net income of Rs 102 crore outside books for the financial year 2018-19 alone. The data for financial years 2019-20, and 2020-2021 is also available in the system and being culled out using forensic tools.

The group has been maintaining a custom made package called Jpac to cleverly conceal the true facts of the business. The goods were transported by raising bills/invoices as rough estimation, which would be destroyed on delivery of goods, the IT Department said.

(With inputs from IANS)

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