By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
NorthBridge TimesNorthBridge Times
  • Auto
    • Bikes
  • Entertainment
    • Bollywood
    • Celebrity
    • Hollywood
  • Events
  • Festival
    • Diwali
    • Holi
  • Sports
    • NBA
    • Basket Ball
    • Cricket
    • Hockey
  • Health
    • COVID-19
  • Technology
Search
© 2022 NorthBridge Times. All Rights Reserved.
Reading: Income Tax Department Raids: seizes Rs 24 cores in new notes in Vellore
Share
Aa
NorthBridge TimesNorthBridge Times
Aa
Search
Follow US
© 2022 NorthBridge Times. All Rights Reserved.




Home – India

Games of looting the poor and exploiting the middle class will now be history: PM Country wants to progress. Corruption and black money is slowing our progress, adversely affecting the poor. These evils have to end: Modi Earlier, farmers committed suicide due to drought but changes took place & they adopted livestock leading to white revolution: Modi When I took over as CM, I would tell farmers that they need to focus on water as much as they focus on electricity: PM The farmer of north Gujarat has shown to the world what he or she is capable of, says PM The farmers in Banaskantha heard my request and embraced drip irrigation, this changed their lives and lives of future generations: Modi Demonetisation aimed at empowering downtrodden and honest; note ban troubles will end after 50 days as promised: PM
IndiaPolitics

Income Tax Department Raids: seizes Rs 24 cores in new notes in Vellore

Saurav Khanduri
Saurav Khanduri Published December 10, 2016
Last updated: 2016/12/10 at 3:26 PM
Share
4 Min Read
SHARE

Income Tax Department Raids: The income department seized Rs 24crore in new currency notes on Saturday. Department has claimed that till now over Rs 142 crore unaccounted assets have been recovered in tax operations so far here.

Contents
I-T department said in statement it seized a large amount of unaccounted assetsDepartment is conducting raids with the assistance of agencies

I-T officials said the fresh seizure of new currency in Rs 2,000 notes was made by the sleuths from a car in Vellore on the persistence of the accused presently being interrogated in the case. The total seizure in the case has now gone up to Rs. 166crore in a single case.

The earlier department had seized Rs. 142crore undisclosed assets which includes about gold bars weighing 12kg and Rs 10crore in notes during raids at multiple locations in Chennai, for the last two days to check tax evasion.

This was the largest seizure of new currency notes in the country after the government declared high denomination of Rs 500 and Rs 100notes invalid on November 8.  IT department conducted raids on eight premises of a group engaged in sand mining in Tamil Nadu.

“The group has sand mining licence for the entire state of Tamil Nadu. Eight premises (six residential and two offices) were covered in the search.”

Income Tax Department Raids: seizes Rs 24 cores in new notes in Vellore

I-T department said in statement it seized a large amount of unaccounted assets

“During the search, Rs. 96.89 crore cash in old high denomination notes and Rs. 9.63 crore in new Rs. 2000 currency notes along with gold weighing 127 kg worth approximately Rs. 36.29 crore were found and seized, as unaccounted assets,” the Central Board of Direct Taxes, the policy-making body for the I-T department, had said in a statement issued in Delhi.

It had added that the searches are “still in progress at four out of the total 8 premises and more specific details including modus operandi would emerge after examination of the documents and other evidence detected during the search.”

S Reddy, a contractor working with the state government told officials claiming that the whole money and the gold as his own and is being interrogated along with the five other people.

“This seizure of gold and cash was an unprecedented amount that the tax department has seized in recent, said a senior department official.

Income Tax Department Raids: seizes Rs 24 cores in new notes in Vellore

Department is conducting raids with the assistance of agencies

The department, the official said, the searches are carried out by the inputs of intelligence about the activities of Reddy and few others for the last few days. I-T department officials said the agency was investigating how he stashed the new notes in such a large quantity. The bundles of the new Rs 2000 notes were seized and had no  banking slips on them and were cluttered up to mislead  sleuths , they said.

The taxmen have been seized a number of documents related to financial transactions, entries of gold sale and records of sale/purchase, said the officials. Reddy is a contractor working with the state government and claiming the whole cash and gold to be his own. Further investigation is still going on, they had said.

 

You Might Also Like

John Fetterman beats Dr. Oz in Critical Pennsylvania Senate Race, Big win for Democrats

Shiv Sena leader ‘Sudhir Suri’ dies after being shot in Amritsar

District Panchayat President Sapna Singh Distributed smartphones to Students

Best Diwali Sandesh to Soldiers Greetings, Wishes, Messages to Indian Army

Diwali Crackers Harmful Effects: Top 6 Reasons Why You Should Give Up Bursting Crackers

TAGGED: Agencies, Income Tax Department, Investigation, seizure of new currency notes, unaccounted assets

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Saurav Khanduri December 10, 2016
Share this Article
Facebook TwitterEmail Print
Share
Previous Article 6th Delhi Comic Con 6th Delhi Comic Con: Much awaited Delhi Comic Con festival on 2nd day
Next Article Modi in Gujarat: Government is ready to debate in Lok Sabha but not allowed to speak Modi in Gujarat: Government is ready to debate in Lok Sabha but not allowed to speak
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.




Latest News

Apple Current Worth is More Than Alphabet, Amazon and Meta Combined
Apple Current Worth is More Than Alphabet, Amazon and Meta Combined
Business Economy November 7, 2022
Stock Market: Asian Markets Looking Strong
Stock Market: Asian Markets Looking Strong
Economy Business November 7, 2022
Home Study Courses
Managing a Small Business: 5 Tips for Long Term Growth
Business May 7, 2022
Medical Supplies Can Protect You When You Work With Radiation
Which marketing techniques are likely to benefit your manufacturing business?
Business February 17, 2022

You Might also Like

John Fetterman defeats Dr. Oz
PoliticsUS News

John Fetterman beats Dr. Oz in Critical Pennsylvania Senate Race, Big win for Democrats

November 9, 2022
Shiv Sena leader ‘Sudhir Suri’ dies after being shot in Amritsar
Politics

Shiv Sena leader ‘Sudhir Suri’ dies after being shot in Amritsar

November 5, 2022
District Panchayat President Sapna Singh Distributed smartphones to Students
Politics

District Panchayat President Sapna Singh Distributed smartphones to Students

November 4, 2022
Diwali Sandesh to Soldiers
IndiaFestival

Best Diwali Sandesh to Soldiers Greetings, Wishes, Messages to Indian Army

October 15, 2022

NBT

We influence 20 million users and is the number one business and technology news network on the planet.

Quick Link

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Advertise With Us
February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    
NorthBridge TimesNorthBridge Times
Follow US

© 2015-2022 NorthBridge Times. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?