IT dept detects 500-crore rupees undisclosed income from Chennai gold jewellery dealer

The sleuths of the Income Tax Department have detected undisclosed assets and income worth about 500-crore rupees in a series of raids in the properties of a leading bullion and gold dealer based in Chennai.

The officials searched his premises at 32 locations in Chennai, Mumbai, Kolkata, Coimbatore, Salem, Trichy, Madurai and Tirunelveli on Tuesday, and its details have come out on Thursday. The unaccounted assets unearthed include 814



kg of gold worth 400-crore rupees.

The IT officials have said, since it is a business stock, it could not be seized, though they have been identified as unaccounted income. Several methods used to elude taxes have been unearthed using the data in the computers in his office. The officials are trying to cull out the d data of the past records from the computers using forensic tools.