Rs 1,740 crore assets of jewellery chain under I-T scanner
Two days after the IT sleuths raided more than 130 premises linked to the Kerala-based jewellery shop chain Joyalukkas and its associate firms, an estimated assets worth around Rs 1,740 crore has come under the scrutiny, disclosed a department source on Friday.
By : migrator
Update: 2018-01-12 21:55 GMT
Chennai
Further verification of assets and gold is being carried out by the department officials.
Over 900 officials from the In- come Tax department were deployed for the raids conduct- ed over two days, starting on Wednesday. Though the raids were almost over by Friday, details of searches conducted in overseas locations are yet to come, sources added.
The final figure may go up further. The Income Tax officials indi- cated that the Joyalukkas, like many other gold retailers, had done sales outside the book, be- sides showing certain inflated figures on making and melting losses.
The raids were led by the Kerala I-T team, which also searched the company’s corporate office in Thrissur, beside its other properties in Karnataka, Guja- rat, Delhi, West Bengal, Andhra Pradesh, Telangana and Mahar- ashtra and locations overseas.
“Once the firm comes with pa- pers of transactions from their side, we would reach a final fig- ure after scrutinising. Usually, both sides will arrive at an agree- able figure on which penalty will be decided,” an IT official, who is part of the probe said.
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