BENGALURU: The Directorate of Income Tax (Investigation), Karnataka & Goa conducted simultaneous search and seizure operations on two well-known jewellery showroom chains in Bengaluru, Udupi, Davanagere, Mangaluru and Shivamogga on Wednesday and Thursday. The searches were conducted for alleged tax evasion and suppression of accountable income, sources told TNIE. Similar operations were also conducted simultaneously in Kerala by the I-T officers.
According to sources, the I-T officials raided the showrooms of Sultan Gold and City Gold in Bengaluru and other districts of Karnataka and have reportedly seized a huge amount of cash and incriminating documents from the showrooms. The jewellery chains have their head offices in Mangaluru.
“The assessment of the cash and documents will take some time,” said an officer.