Crackdown on Tax Evasion: Income Tax Department Seizes ₹26 Crore Cash from Nashik-Based Jewellers
The Income Tax department conducted raids on Nashik-based jewellers
Income TaxTax EvasionHawala TransactionsNashikSurana JewellersReal Estate MumbaiMay 27, 2024
Multiple tax teams from the Nagpur and Jalgaon units conducted search operations on the Surana jewellery store chain and residences of the proprietor. The raids were linked to the recent Income Tax raids on Nanded-based Bhandari brothers, who operate unlisted chit funds, micro finance, leasing, gold loan, and real estate firms, for unaccounted assets of ₹170 crore, including ₹14 crore in cash and 8 kg of gold.
The tax department also raided Ashokraj Angadia Courier Service at Kothadi Bazar, Akola, for providing hawala services to several entrepreneurs, traders, and coaching classes for unaccounted income and tax evasion.
The Income Tax department has been cracking down on tax evasion and unaccounted wealth in recent times. These raids are a part of the department's efforts to curb black money and bring transparency to the financial system.
The Income Tax department is responsible for collecting taxes and enforcing tax laws in India. It is a government agency that works under the Ministry of Finance.
Surana Jewellers is a prominent jewellery chain based in Nashik, Maharashtra. The company has multiple stores across the city and is known for its gold and silver ornaments.
Frequently Asked Questions
How much cash did the Income Tax department seize from Nashik-based jewellers?
The Income Tax department seized ₹26 crore in cash from Nashik-based jewellers
What was the total value of unaccounted wealth uncovered by the Income Tax department?
The total value of unaccounted wealth uncovered by the Income Tax department was ₹90 crore
What is the name of the jewellery chain that was raided by the Income Tax department?
The jewellery chain that was raided by the Income Tax department is Surana Jewellers
What is the purpose of the Income Tax department's raids on jewellers and businessmen?
The purpose of the Income Tax department's raids on jewellers and businessmen is to curb tax evasion and bring transparency to the financial system
What is hawala transaction?
Hawala transaction is an illegal transaction that involves transferring money without leaving a trail of evidence
Related News Articles
Pune Porsche Crash: A Call for Justice Amidst Allegations of Political Interference
The Maharashtra Congress demands a CBI investigation into the Pune Porsche crash incident
Indian Real Estate Market Sees Surge in Demand, Leading Developers Expand Portfolios
Top real estate players like Prestige Estates Projects, Sattva, Sobha, Brigade Enterprises, Suraj Estate Developers, and Hiranandani Group are expanding their portfolios and investments to meet rising demand.
Luxury Living in Mumbai: Bollywood Actors Invest in High-End Apartments
Bollywood actors like Ronit Roy, Shahid Kapoor, and Amitabh Bachchan are investing in luxury apartments in Mumbai, boosting the city's real estate market.
Flood Alert in Maharashtra: Panchganga River Water Level Poses Threat to Train Services
Panchganga River water level reaches danger mark, threatens to disrupt train services on Miraj-Kolhapur route due to heavy rainfall in Kolhapur region
Analyst Picks: Top Brokerage Calls on Hero MotoCorp, Zomato, and Real Estate
This week, we highlight three stocks that have caught the attention of analysts. From a leading motorcycle manufacturer to a popular food delivery platform, and a sector in real estate, here are the top brokerage calls.
Birla Estates Launches Rs 2,700 Crore Housing Project in Pune
Birla Estates, a subsidiary of Aditya Birla Real Estate Ltd, is set to generate Rs 2,700 crore in revenue from its first housing project in Pune. This ambitious venture marks the company's significant expansion into the Maharashtra market.