Bengaluru: I-T surveys reveal Rs.47.74-cr undisclosed income

Apart from receipts in RTGS (funds transfer system through bank) in their (traders) accounts, there were huge cash deposits

Bengaluru: I-T surveys reveal Rs.47.74-cr undisclosed income

Income Tax sleuths on Friday detected undisclosed income of Rs 47.74 crore after surveys were conducted at half-a-dozen bullion traders and jewellers in Bengaluru following surge in their sales post demonetisation.

"Apart from receipts in RTGS (funds transfer system through bank) in their (traders) accounts, there were huge cash deposits. On verification of cash sales, it was found that most of these transactions were done in October-November this year and all cash transactions were kept below the Rs 2 lakh threshold and without any details regarding the customer to whom the sale was made.


"We suspect this was apparently done to avoid TDS and mandatory quoting of purchasers' PAN. Huge cash deposits in bank accounts after demonetisation were noticed in these cases. It is found that some of these jewellers have back-dated the bills and even paid VAT to give the transactions a colour of genuineness," The Times of India quoted the department as saying.

Officials added in some cases, it was found that the sales had been "suppressed" previous years too.

In an another case in Anekal village of the city, the taxman seized a total cash of Rs 1.15 crore, with Rs 1.07 crore in new notes, from a transporter who was indulging in illegal conversion of old currency.