I-T dept finds Rs 26 crore ‘unaccounted’ cash after raids at Nashik-based jewellery company

PTI, May 27, 2024, 9:08 AM IST

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Nashik: The Income Tax Department has seized about Rs 26 crore ”unaccounted” cash following raids carried out at a jewellery company based in Maharashtra’s Nashik, official sources said Sunday.

The searches were launched following inputs regarding alleged tax evasion by the jewellery company and its promoters, the sources said.

About Rs 26 crore in cash has been seized till now during the searches, they said, adding that some ”incriminating” documents related to alleged undisclosed investments have also been found by the search teams and are being scrutinised.

In a similar action, the department had seized Rs 57 crore in cash during raids at an Agra-based (Uttar Pradesh) shoe trader and some linked entities last week.