scorecardresearch
Sunday, Oct 02, 2022
Premium

I-T department seizes 6.5 kg jewellery, Rs 4.01 cr cash in Karnataka

The tax department has also found evidence of inflated purchases, payments to bogus sub-contractors, inflated/fraudulent labour payments, unaccounted cash payments in the searches in Karnataka.

I-T dept seizes 6.5 kg jewellery, `4.01 cr cash in Karnataka  The tax department has also found evidence of inflated purchases, payments to bogus sub-contractors, inflated/fraudulent labour payments, unaccounted cash payments in the searches in Karnataka. (Express photo by Vasant Prabhu)

The income tax (I-T) department in its series of actions against cash hoarders seized unaccounted cash of Rs 4.01 crore and unaccounted jewellery of 6.5 kg worth Rs 2.20 crore from three contractors in Bangalore, Davangere and Mysore on Thursday, officials said.

In Hyderabad, too, searches continued leading to a further cash seizure of Rs 1.65 crore. The tax department has also found evidence of inflated purchases, payments to bogus sub-contractors, inflated/fraudulent labour payments, unaccounted cash payments in the searches in Karnataka.

“Unaccounted cash of Rs 4.01 crore and unaccounted jewellery of 6.5 kgs, valued at Rs 2.20 crore have been seized. Of this cash of Rs 1.2 crore was found in a moving car after a hot pursuit,” a department statement said.

The Income Tax Department on Thursday had said that it had seized Rs 14.48 crore in cash during raids at various locations across three states, including poll-bound Karnataka. With Thursday’s seizure, the total cash seized in these searches over the last 2-3 days has reached Rs 20.14 crore, they said.

Subscriber Only Stories
From The Explained editor: The ban on PFI, forests at night, and free gra...Premium
From the Opinion Editor: An election for the Congress partyPremium
From Nehru to JP, the political leaders mentored by GandhiPremium
Uttarakhand resort murder: Amid questions within, BJP may revamp Dhami go...Premium

The Central Board of Direct Taxes (CBDT), had recently asked its investigation wings in the country to check instances of cash hoarding. Also, the department is maintaining a vigil on cash transactions after the announcement of Karnataka elections on March 27. Voting in the state is slated to be held on May 12.

First published on: 28-04-2018 at 02:22:12 am
Next Story

Shahkot assembly bypoll: Congress big guns crowd list of ticket hopefuls

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement