Assets worth Rs 3.5 cr of export firms seized in Ahmedabad

AHMEDABAD: Assets worth Rs 3.5 crore of two city-based export firms were on Tuesday seized and four lockers belonging to them sealed, Income Tax (I-T) department officials said here.

One of the groups has also admitted to unaccounted income of Rs 3.37 crore, the officials said.

I-T sleuths began search and seizure operations at the offices and premises of the two companies yesterday under Section 132 of the Income Tax Act 1961, they said.

During the operations, huge discrepancies in stock and unaccounted investment in assets have been detected in the two firms, they added.

More incriminating documents indicating unaccounted affairs of the two export firms have also been found which are being scrutinised, they said.

The two export firms are engaged in manufacture and trading of refined oil, natural cattle feeds, wheat flour, cotton yarn, bio-chemical products and in real estate business.

Over 400 I-T officials and police personnel are involved in the search and seizure operations conducted at 44 premises of the two export firms.