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
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