The recent Income Tax Department raids on multiple locations linked to a jewellery company in Maharashtra have uncovered significant amounts of unaccounted cash and incriminating documents. The seizure of approximately Rs 26 crore in cash, primarily in Rs 500 currency notes, highlights the scale of alleged tax evasion by Surana Jewellers and its promoters.
In addition to the cash haul, the search teams unearthed documents suggesting undisclosed investments amounting to approximately Rs 90 crore. The meticulous scrutiny of these documents will be crucial in unraveling the extent of financial irregularities and potential tax violations.
Notably, the raid, which spanned nearly 30 hours, revealed instances of cash concealment within the walls and furniture of a promoter's residence, underscoring the elaborate measures taken to conceal ill-gotten wealth. Photos from inside the raided premises depict bundles of currency notes stacked on tables, further corroborating the findings of the tax officials.
This enforcement action follows a similar crackdown on tax evasion, where the Income Tax Department seized Rs 57 crore in cash during raids targeting an Agra-based shoe trader and affiliated entities. Such stringent measures reflect the government's commitment to combatting financial fraud and ensuring compliance with tax regulations across various sectors.
