Crackdown on Tax Evasion: Income Tax Department Seizes ₹26 Crore Cash from Nashik-Based Jewellers
The Income Tax department has seized ₹26 crore cash and assets worth ₹90 crore from Nashik-based Surana jewellers
Income TaxTax EvasionHawala TransactionsUnaccounted WealthJewellersNashikReal EstateMay 27, 2024
The tax authorities suspect that the jewellers were involved in tax evasion and facilitating hawala transactions of several crores, linked to last week's Income Tax raids on Nanded-based Bhandari brothers. The Bhandari brothers, who run unlisted chit funds, microfinance, leasing, gold loan, and real estate firms, were found to have unaccounted assets of ₹170 crore, including ₹14 crores in cash and 8 kg of gold.
The raids on Surana jewellers are part of a larger crackdown on tax evasion and unaccounted wealth in the region. The Income Tax department has been conducting search operations on various businesses and individuals suspected of tax evasion and money laundering.
The Income Tax department has been taking stern action against tax evaders and those involved in money laundering. The department has been using advanced technology and data analytics to track unaccounted wealth and transactions.
The Income Tax department is a government agency responsible for the collection of taxes and enforcement of tax laws in India. The department is committed to preventing tax evasion and promoting voluntary compliance with tax laws.
Frequently Asked Questions
How much cash was seized from Nashik-based Surana jewellers?
₹26 crore
What was the total value of unaccounted wealth seized from Surana jewellers?
₹90 crore
Who were the targets of the Income Tax raids last week?
Nanded-based Bhandari brothers
What is the estimated value of unaccounted assets seized from Bhandari brothers?
₹170 crore
What is the purpose of the Income Tax department's raid on Surana jewellers?
To prevent tax evasion and promote voluntary compliance with tax laws
Related News Articles
Indian Real Estate Sees Resurgence in Private Equity Investments
Private equity investments in Indian real estate surged 15% YoY to USD 3 billion in H1 2024, driven by growth in warehousing and residential sectors.
Government Offers Flexibility to Taxpayers on Capital Gains Tax for Real Estate Transactions
In a move to simplify tax calculations, the government has introduced an option for taxpayers to compute capital gains tax on real estate transactions. This change is expected to benefit property sellers and reduce disputes over tax liabilities.
Small Cities, Big Opportunities: How Tier-2 and Tier-3 Cities are Revolutionizing the Real Estate Market
Mid-tier cities like Faridabad, Lucknow, Vrindavan, Ludhiana, Chandigarh, Indore, Dehradun, and Jaipur are becoming hotspots in the real estate market, offering a low-cost, peaceful life and high returns on investment.
Pre-Budget Expectations for the Real Estate Sector in Maharashtra
MahaRERA appoints NAREDCO Maharashtra as the first self-regulatory organization. The Maharashtra Real Estate Regulatory Authority makes a significant step towards ensuring transparency and accountability in the real estate sector.
Barbara Corcoran to Headline Kinexions 2025: A Premier Supply Chain Conference
Real estate mogul and entrepreneur Barbara Corcoran will take center stage at the premier supply chain conference of the year in Ottawa, Ontario, Canada.
Housing Sales Surge in India's Top 15 Tier-II Cities by 20% in Value
Coimbatore leads the growth with a 36% increase in sales volume, while Visakhapatnam's real estate market experiences a 21% downturn.