Income Tax officials have unearthed an undisclosed amount of Rs 100 crore after raids at 40 centres of a Kota-based coaching institute which had started on February 2 following a complaint of tax evasion.
In the raids which concluded last night, Rs 85 crore, including jewelry worth Rs 65 lakh and Rs 10 lakh in cash, was detected with the institute’s group accounts while another amount of Rs 15 crore was discovered from its various associates, an I-T official said on condition of anonymity.
The documents related to investment have been seized by the department for the assessment, he said.
About 40 personnel of I-T department have been checking the income and investment documents in the 22 establishments of the institute, including 4 residential buildings of its directors.
The I-T officials carried out searches at the premises of the associates and relatives of the directors and documents were also seized.