A tax evasion of Rs 16 crore was discovered by the Investigation Wing of North West Region Income Tax,Panchkula,after it scrutinized the documents obtained after raids at Talwar Jewellers,Sector 22.
Raids were carried out on as many as nine premises owned by the group and the residential property owned by the group in Chandigarh was surveyed. The I-T sleuths had initiated the raids on July 24 under the supervision of M S Rai,Director General (Investigation),North West Region. An unaccounted income of Rs 4 crore has been admitted by Talwar Jewellery House while unaccounted income of Rs 6 crore each has been admitted by Talwar Jewellers and Talwar Sons, a senior Income Tax officer said.
Also,as many as five bank lockers belonging to the group have been seized by the I-T department. The lockers have been sealed and will be operated by us very soon to find out any further tax evasion, the officer said.