Unaccounted transactions of more than Rs. 500 crore detected during search of Gujarat based steel group: FinMin

The Income Tax Department has carried out search and seizure operations on a prominent business group, engaged primarily in the manufacturing of stainless steel and metal pipes, in Ahmedabad. The search action has resulted in the seizure of unaccounted cash of Rs. 1.80 crore and unexplained jewellery valued at Rs. 8.30 crore. The search action has led to the detection of total unaccounted transactions exceeding Rs. 500 crore.The Income Tax Department has carried out search and seizure operations on a prominent business group, engaged primarily in the manufacturing of stainless steel and metal pipes, in Ahmedabad. The search action has resulted in the seizure of unaccounted cash of Rs. 1.80 crore and unexplained jewellery valued at Rs. 8.30 crore. The search action has led to the detection of total unaccounted transactions exceeding Rs. 500 crore.taxmann.com Latest Statutory HappeningsRead More

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