I-T officials unearth Rs 11.88 cr unaccounted income

AHMEDABAD: During an Income Tax Department search and seizure operation, a Surat-based textile group and its associates have admitted to having unaccounted income of Rs 11.88 crore, I-T officials said on Monday.

Assests worth Rs 4.05 crore comprising of Rs 1.73 crore cash and jewellery worth Rs 2.32 crore were also seized, officials added.

The seizures were made last week during search operations conducted at 43 premises of textile group Garden Vareli Silk Mills Limited and its associates in Surat, Ahmedabad, Silvassa and Mumbai, officials said.

The search and seizure operation which began last week, was conducted by the Investigation Directorate of the I-T Department under Section 132 of the Income Tax Act.

The I-T officials had last week placed various premises belonging to the textile group and its associates under prohibitory orders, which were being gradually revoked, officials added.

They said that various incriminating documents indicating unaccounted affairs of the group and its associates were also recovered and are under scrutiny.

Over 300 officials including police personnel were involved in the search and seizure operations, I-T officials said.