IT Dept conducts searches in Gujarat; finds Rs 300-cr unaccounted transactions

24 Aug 2022 , 10:45 AM

The Income Tax Department carried out a search and seizure operation on 9 August 2022 on a business group primarily engaged in manufacturing and trading of ceramic tiles. The search action covered a total of 36 premises, spread across Rajkot, Morbi, Ahmedabad, Raipur, Guwahati, Gurgaon, and Kolkata. The search operation also covered persons engaged in providing finance. During the course of the search operation, various incriminating evidences in the form of documents and digital data have been found and seized. So far, the search action has resulted in unearthing of unaccounted transactions exceeding Rs 300 crore, including cash loans of more than Rs 100 crore. Further investigations are in progress, the Central Board of Direct Taxes (CBDT) said in a statement. Powered by Capital Market – Live News