The Live Ahmedabad
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured

The Live Ahmedabad

  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
Ahmedabad CityGujarat

Unaccounted Sale And Purchase of Worth Rs. 500 Crore.

by TLA September 25, 2021September 25, 2021
written by TLA September 25, 2021September 25, 2021
Unaccounted Sale And Purchase of Worth Rs. 500 Crore.

After the searches on a Gujarat Based Diamond Traders the Income Tax Department has unearthed unaccounted sale and purchase of diamonds worth over Rs 500 crore.

Business News

The agency initiated a search and seizure operation on September 22 at several premises of a Gujarat-based diamond manufacturer and exporter “based on intelligence input about tax evasion.”
Over 23 premises in Gujarat’s Surat, Navsari, Morbi, Wankaner and Maharashtra’s Mumbai were searched by the tax officials.


UNACCOUNTED DATA SEIZED
The I-T officials claim that they have seized a large volume of unaccounted data which was allegedly kept at secret locations under the custody of its “trusted employees” in Surat, Navasari and Mumbai.
“The data includes proof of unaccounted purchases, unaccounted sales, taking accommodation entries for purchases against which cash is received, the movement of such cash and stock through angadia firms, keeping the unaccounted cash with angadias, investment of such unaccounted income for purchase of property and stock for the last five years,” said the tax department in a statement.
According to the investigators, it is suspected that the owners of the group allegedly made unaccounted purchase and sale of small polished diamonds of about Rs 518 crore over the last few years.


“Further, the data reveals that the assessee has sold more than Rs 95 crore of diamond scrap in cash generated from its manufacturing activities, which remains unaccounted for and represents its income. The assessee, over these years, has accounted for the sale of about Rs 2,742 crore of small diamonds in its books, against which, a substantial part of purchases were made in cash, but the purchase bills were taken from accommodation entry providers,” added the statement.
The I-T department claims that the group was also making its major purchases of rough diamonds through imports and making export sales of finished bigger diamonds through its company registered in Hong Kong, which is allegedly controlled and managed from India.


“The data reveals that the assessee has made purchases of Rs 189 crore and sale of Rs 1040 crore in the last two years through this entity,” they said.
During the search, according to the I-T officials, unaccounted cash and jewellery worth Rs 1.95 crore has been seized and unaccounted diamond stock of 8900 carats worth Rs 10.98 crore has been detected.
A large number of lockers allegedly belonging to the group have been identified, which have been placed under restraint by the agency.

Income Tax DepartmentPurchaseUnaccounted Sale
0 comment
previous post
CBSE and IIT Gandhinagar to launch 30-30 Eklavya series
next post
Jignesh Mevani will join Congress on September 28

You may also like

Temple, Four Dargahs Demolished in Sarkhej During NHAI...

July 9, 2025

Ahmedabad Issues New Guidelines for Box Cricket and...

July 9, 2025

Over 100 MSU Students Hospitalised After Suspected Food...

July 9, 2025

Over 12,000 Pharmacy Students in Gujarat Face Delays...

July 9, 2025

Fake RTO Challans on WhatsApp Could Drain Your...

July 9, 2025

Ahmedabad Book Club Launches Young Poet Hridaan Patel’s...

July 9, 2025

GNLU Concludes Orientation Programme for New Law Students

July 9, 2025

Gujarat to Offer Cruise Tourism on 3 Coastal...

July 9, 2025

Ahmedabad Passport Seva Kendra moves to Bapunagar

July 9, 2025

Water Supply to Be Disrupted in 17 Ahmedabad...

July 9, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Business News

Recent Posts

  • IIM Ahmedabad and Novo Nordisk India partner to strengthen obesity care ecosystem through a multi-pronged collaboration

    July 9, 2025
  • Mahek Ghai flaunts her curves in a vibrant, hot bikini!

    July 9, 2025
  • Gambhira Bridge Collapse: Death Toll Rises to 12; State and Centre Announce Compensation

    July 9, 2025
  • Temple, Four Dargahs Demolished in Sarkhej During NHAI Encroachment Drive Amid Heavy Police Presence

    July 9, 2025
  • Ahmedabad Issues New Guidelines for Box Cricket and Net-Covered Sports

    July 9, 2025
September 2021
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
27282930 
« Aug Oct »
The Live Ahmedabad
Footer Logo
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms of use
  • Advertise with Us
  • Work With Us
  • Contact Us

© 2021 - The Live Ahmedabad. All Rights Reserved.