I-T raids textile group; Rs 7.6 crore surrendered

A group dealing in textile business has surrendered Rs 7.6 crore for taxation following raids by income tax department on its 19 premises in Rajasthan's Barmer district and in Mumbai.
A large number of documents, including books of accounts indicating unaccounted transactions for the past several years, have been seized, Additional Director of Income Tax (Investigation), Avadhesh Kumar said.
"During the operation, launched on Tuesday and concluded today, assets worth Rs 1.64 crore, mainly jewellery, were seized," Kumar said.
The raids were conducted at the residences of some employees at Balotara and Mumbai, and other premises, he said.
The raids were conducted following complaints of tax evasion by the group.

"The seized documents are being examined for detection of further undisclosed income," he said, adding, "Six lockers of the group have also been sealed.