Jewellery, cash worth Rs 74 lakh seized

THE INCOME Tax department seized valuables worth Rs 74 lakh, including cash and jewellery, in a raid conducted at a house and business establishment of a sari trader on Friday.

THE INCOME Tax department seized valuables worth Rs 74 lakh, including cash and jewellery, in a raid conducted at a house and business establishment of a sari trader on Friday.

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As per a press release of the IT department issued on Saturday by the joint director of Income Tax for Allahabad and Varanasi on Saturday, a team of IT officials from Varanasi, Allahabad, Lucknow, Kanpur, Murdabad, Agra etc districts raided the house and business establishments of a saree trader in Varanasi.

“Items worth Rs 74 lakhs including TDR, jewellery and cash were seized during the raid”, the release said and added that some lockers were yet to be opened and there was possibility of recovery of unnamed property, cash and jewelry.
Some important documents related with the business of the sari trader were seized which revealed the method of tax evasion applied by some sari traders. “Thousands of cheques without signature and issued to different labourers were seized during the raid”, the release said and added that the sari trader had produced fake liabilities while declaring Income Tax return.

Some other important documents related with the cheques discounting and financial matter were seized which revealed that several other sari traders might also be involved in such practices. A huge quantity of stock was also recovered and was being verified.