Ludhiana: IT unearths unaccounted income of Rs 15.40 crore from jeweller; 15 lakh in new currency recovered

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The income tax raids at the residence and shop of Khanna Jewellers of Ludhiana ended Friday late after two days of search. Sources confirmed that the owners have surrendered unaccounted income worth Rs 15.40 crore in the form of properties and other deposits.

The income tax officials have also recovered Rs 15 lakh in new currency. Apart from cash, gold worth Rs 30 lakh has also been seized. “Their unaccounted sale of close to 17 crore has been established till now. Investigation is on to know source of Rs 15 lakh in new currency. They have surrendered other assets worth 15.40 crore,” said the source.

The raid began on at their shop on College road and residence in Gurdev Nagar on Thursday. Sources also confirmed that it was conducted after there were reports of unusually high sales on night of November 8.

Unaccounted income worth Rs 26 crore was also unearthed during income tax raid at Nikkamal Jewellers few days after demonetisation. Panic gripped jewellery shops on College road and Fountain chowk — the area famous for its jewellery market in Ludhiana — and most of the jewellers kept their shutters down following raid at Khanna Jewellers.

The jewellery, clothing shops and malls had kept open till late on night of November 8 and recorded unusually high sales as people in Ludhiana splurged cash on jewellery and clothes allegedly converting their black money into white.

[Source:-The Indian Express]