Over Rs 14 cr undisclosed income surrendered to I-T dept

A business group dealing in bullion trading and jewellery here has surrendered undisclosed income worth Rs 14.70 crore after the Income Tax department launched a search and seizure operation.
The operation is the first such in the country in the current financial year, an official said.
The group surrendered the undisclosed income on account of money lending, loans and advances, building construction among others, the official said, adding that the department also seized unaccounted jewellery worth Rs 91.22 lakhs and unaccounted cash to the tune of Rs 68 lakh.
Duplicate books of account of the assessee, which were allegedly deleted by him using a special software used by jewellers to record and maintain actual or unaccounted transactions, were also recovered.

Forensic experts were engaged in order to break the password of the software at three different levels, according to Sanjeev, Additional Director Income Tax (Investigation).
The operation, which was launched on April 3 at four residential and as many business premises of the group, concluded today. Around 100 departmental officials and police personnel were involved, including 15 IRS (Indian Revenue Service) officers.