Friday, December 8, 2023

IT raids at Jugsalai-based jeweller’s premises, huge tax evasion unearthed

Jamshedpur : The Investigation Wing of the Income Tax has unearthed tax evasion worth crores after raids were conducted at different premises of Sukhi Prasad Satyanarayan Jewellers in Jugsalai, Jamshedpur.

Sources said the jewellers have admitted to evading tax. The raids that started from Friday evening continued till today.

Officials from the I-T department said the total amount of tax evasion by the traders would be ascertained on Monday. And the final amount is likely to be much more than Rs 15 crore, sources told.

In the raids, unaccounted cash (Rs 35 lakh) and mismatch of stocks has been spotted by the Income Tax sleuths. Sources said unaccounted stock of jewellery has also been discovered.

The officer said preliminary investigation has revealed that tax books were fabricated by the jeweller. The search is likely to complete on Monday.

�The I-T department is probing alleged tax evasion and understatement of profits by the trader. As a result, the store has been half-shuttered, while the authorities are taking stock of the materials in the store,� sources noted.

Meanwhile, I-T department officials are said to be perusing documents at the store as a routine procedure during such an investigation, according to the source.

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