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
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