I-T dept searches premises of Asian Granito, associate entities in Gujarat

The Income Tax Department on Thursday conducted `search and seizure' operations at the premises of tiles manufacturer Asian Granito India Ltd (AGL) and some of its associate entities across Gujarat, an official said here.

The I-T teams found 12 bank lockers and recovered Rs 10 crore in cash on the first day, he said, adding that the searches will continue for a few more days. The action covered 40 residential and commercial properties including offices and residences of key people connected with the company and some financers who allegedly helped it hide real income by making false entries in records, said the senior I-T department official. Residential properties of Asian Granito's Chairman and Managing Director Kamlesh Patel and other promoters were searched, he said. The searches were mainly conducted in Ahmedabad, Morbi, Himmatnagar and Surat in the state, the official said, adding that the firm was under the scanner for suspected tax evasion and hiding unaccounted income.