The Income Tax Department made a high case seizure after conducting a search in the case of a businessman in Pune.
During the search, unaccounted cash amounting to Rs 9.55 crore was found and seized. This is the highest cash seizure in Pune by the Income Tax Department till date.
The search was conducted on November 4 at the residence of the businessman.
Search was conducted after intelligence information was received on the same that the businessman was in possession of large amount of cash at his residence and that this cash was likely to be moved within short span of time.
"In a swift action, some preliminary discreet enquiries were made to ascertain the availability of cash and a single warrant was executed to search the residence of the individual, along with survey under Section 133A at his business premises," read a statement from Official Spokesperson, Central Board of Direct Taxes (CBDT).
The statement added that the assessee is in the business of construction sub-contracting and real estate activities.
Investigations in the case are still under progress.
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