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I-T `survey' at jewellery shop

Staff Reporter

PUDUCHERRY: Officials of the Income Tax Department here conducted a "survey" at a gold jewellery shop, which has recently opened its branch in France, and found tax evasions of Rs 1.25 crore.

The survey, which started at 12 p.m. on Wednesday, went on till 1.30 a.m., was held after anomalies were found in the annual information returns, required to be furnished in high value financial transactions by specified persons in respect of specified transactions registered during the current financial year.

Senior officials told The Hindu that the department learned about a high value transaction undertaken by the promoters of the jewellery shop on January 24.

The promoters bought immovable properties worth Rs. 3 crore, but the value was recorded as Rs 1.59 crore, officials said.

During the survey "valuable documents" to substantiate the anomalies were found. The official said the seller of the immovable property had been traced and when questioned, consented about the evasion.

They survey also yielded 30 kg of gold jewellery, diamond and silvery jewellery, all put together worth Rs 2.85 core.

A few other documents, including a hard disk copy, having details about transactions, were also seized. The documents were being scrutinised, the official said.

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