IT dept conducts searches at bullion major RSBL in Mumbai

The Income Tax department today conducted searches at the premises of leading player Riddhi Siddhi Bullion Limited (RSBL) on suspected tax evasion and bogus import/export of the precious metal.
The searches were conducted at its various locations in and around Mumbai.
"We have conducted searches in the premises of Riddhi Siddhi Bullion Limited in and around Mumbai, including the premises of its Managing Director Prithviraj Kothari", said an Income Tax source.
The searches commenced early in the morning and will go on late night. "The searches are still going on and the picture will be clear by tonight or tomorrow," the source said.

The income tax sleuths are going through all the documents of the company, including bank documents and internal books, to assess if there was any tax evasion.
"We are also counting the bullion and cash found in the premises", according to the source.

Meanwhile, Kothari termed the searches as "routine", saying they do not have any connection with the IPL (fixing scam) at all.
"This is a routine income tax survey which does not have any connection with the IPL at all", Kothari said in a statement, apparently referring to a media report.
He said "the survey was being conducted at various companies in Mumbai and not only at RSBL".