100 kg gold, cash seized in IT raids on Lko company
LUCKNOW : In one of the biggest seizures in recent times, income tax sleuths claimed to have seized 100 kg gold and ₹9 crore unaccounted cash from raids on Rastogi and Sons, a Lucknow-based company with diverse business interests. The market value of the 100 kg gold is estimated at ₹32 crore. The search operation that was carried out in the presence of heavy police force on Tuesday continued on Wednesday. The income tax department has accused the company owners of unaccounted cash receipts, huge cash transactions, unaccounted investments in properties and unaccounted brokering.
LUCKNOW: In one of the biggest seizures in recent times, income tax sleuths claimed to have seized 100 kg gold and ₹ 9 crore unaccounted cash from raids on Rastogi and Sons, a Lucknow-based company with diverse business interests.
The market value of the 100 kg gold is estimated at Rs 32 crore.
The search operation that was carried out in the presence of heavy police force on Tuesday continued on Wednesday.
The company’s lockers are yet to be opened, though tax officials indicated that the search operation involving more than 40 officers might conclude on Thursday.
The company, owners of which are into ware housing, brick kilns, financing, publication and jewellery businesses, has been accused of evading substantial tax liability that could run into several crores.
The income tax department has accused the company owners of unaccounted cash receipts, huge cash transactions, unaccounted investments in properties and unaccounted brokering.
“The simultaneous search operations, including five premises
THE MARKET VALUE OF THE 100 KG GOLD IS ESTIMATED AT RS 32 CRORE. BESIDES, RS 9 CRORE UNACCOUNTED CASH WAS ALSO RECOVERED
in Lucknow and one in Mumbai, resulted in cash seizure of Rs 9.05 crore and bullion seizure of Rs 100 kg,” said Amrendra Kumar, principal director of Income Tax (investigation) UP (east) and UP (west).
Tax officials said the company owners failed to produce any books of transactions as several loose papers were found in which unaccounted transactions were recorded.
“The lockers are yet to be opened. We believe that the acceptance of unaccounted income could actually be very high, close to Rs 100 crore,” Kumar said.
The search operation is still on. There was no word from Rastogi and Sons on the income tax operation.
Attempts to reach the owners didn’t succeed as calls went unanswered.