BENGALURU: Over half a dozen bullion traders and jewellers in Bengaluru have undisclosed income worth over Rs 47 crore, the Income Tax Department said on Friday.
The surge in gold sales post demonetisation had prompted the taxman to conduct surveys, based on which amount was detected. Operations were carried out based on inputs from the investigation wing of the department, officials said. They found the city-based jewellers had recorded higher sales compared to the same period last year.
“Apart from receipts in RTGS in their accounts, there were huge cash deposits. On verification of cash sales, it was found that more 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 done to avoid tax,” they said.
“Deducted at Source (TDS) and mandatory quoting of purchasers’ PAN. Huge cash deposits in bank accounts after demonetisation have been 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 color of genuineness.”
Officials added that in some cases, it was found that the sales had been “suppressed” previous years too. “Further investigations are on to verify the genuineness of RTGS received in their account. The surveys have resulted in detection of undisclosed income of Rs 47.74 crore,” they said.
The department also conducted a search in a village in Anekal taluk and caught a person who was allegedly giving new notes in exchange for old ones. In total, Rs 1.15 crore has been recovered from the person who is involved in a transport business, of which Rs 1.07 crore was in new denomination notes. Acting on a tip-off, two teams conducted the raid.