Assets worth Rs 2.5 crore seized by IT sleuths

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The Income Tax department has seized assets worth Rs 2.5 crore, including Rs 2.26 crore in cash, from the premises of two firms engaged in stock broking and real estate here.
Following complaints of tax evasion against the firms, Income Tax department sleuths conducted raids at 25 premises of both the groups and seized the assets.
Documents showing unaccounted transactions have also been seized. The documents reveal receipt of unrecorded money in real estate business, unaccounted investment in immovable property and expenses in construction, Additional Director (Investigation) of IT Avdhesh Kumar said.
In the case of the stock broking firm, it was found that it had introduced share capital and share premium money in the books of account of their companies through accommodation entries. The seized documents and other evidence are being examined and investigated further, the IT official said.

During search operation, three lockers were found which have been sealed and will be opened soon, he said, adding that the operation which began on Thursday is still on.