Taxmen are taking a good hard look at seven jewellers who they suspect are involved in large-scale money laundering.
On Friday, they detected undisclosed income to the tune of Rs 47.74 crore.The investigation wing of the income tax department launched surveys after receiving information that some jewellery stores had become fronts for money laundering.
Running modest businesses, the jewellers and bullion merchants were suddenly reporting spectacular sales. The department compared annual numbers, and found an unnatural spike in post-demonetisation sales. Their accounts showed huge cash deposits. Also, sales against cash had risen beyond reasonable limits. "All the cash transactions were below Rs 2 lakh without any details regarding the customer," a release said.
Transactions are shown as below Rs 2 lakh "apparently to avoid TDS and mandatory quoting of purchasers' PAN." Some jewellers backdated their bills and, as the release explained, "even paid VAT to give the transaction(s) a colour of genuineness."
In some cases, the jewellers had marked down the sales in previous years. "Further investigation is underway to verify the genuineness of the RTGS received," the release added.
![]( "Running modest businesses, the jewellers and bullion merchants were suddenly reporting spectacular sales.")
Taxmen are taking a good hard look at seven jewellers who they suspect are involved in large-scale money laundering.
On Friday, they detected undisclosed income to the tune of Rs 47.74 crore.The investigation wing of the income tax department launched surveys after receiving information that some jewellery stores had become fronts for money laundering.
Running modest businesses, the jewellers and bullion merchants were suddenly reporting spectacular sales. The department compared annual numbers, and found an unnatural spike in post-demonetisation sales. Their accounts showed huge cash deposits. Also, sales against cash had risen beyond reasonable limits. "All the cash transactions were below Rs 2 lakh without any details regarding the customer,” a release said.
Transactions are shown as below Rs 2 lakh "apparently to avoid TDS and mandatory quoting of purchasers’ PAN.” Some jewellers backdated their bills and, as the release explained, "even paid VAT to give the transaction(s) a colour of genuineness.”
In some cases, the jewellers had marked down the sales in previous years. "Further investigation is underway to verify the genuineness of the RTGS received,” the release added.
On Friday, they detected undisclosed income to the tune of Rs 47.74 crore.The investigation wing of the income tax department launched surveys after receiving information that some jewellery stores had become fronts for money laundering.
Running modest businesses, the jewellers and bullion merchants were suddenly reporting spectacular sales. The department compared annual numbers, and found an unnatural spike in post-demonetisation sales. Their accounts showed huge cash deposits. Also, sales against cash had risen beyond reasonable limits. "All the cash transactions were below Rs 2 lakh without any details regarding the customer," a release said.
Transactions are shown as below Rs 2 lakh "apparently to avoid TDS and mandatory quoting of purchasers' PAN." Some jewellers backdated their bills and, as the release explained, "even paid VAT to give the transaction(s) a colour of genuineness."
In some cases, the jewellers had marked down the sales in previous years. "Further investigation is underway to verify the genuineness of the RTGS received," the release added.
Taxmen are taking a good hard look at seven jewellers who they suspect are involved in large-scale money laundering. On Friday, they detected undisclosed income to the tune of Rs 47.74 crore.The investigation wing of the income tax department launched surveys after receiving information that some jewellery stores had become fronts for money laundering.
Running modest businesses, the jewellers and bullion merchants were suddenly reporting spectacular sales. The department compared annual numbers, and found an unnatural spike in post-demonetisation sales. Their accounts showed huge cash deposits. Also, sales against cash had risen beyond reasonable limits. "All the cash transactions were below Rs 2 lakh without any details regarding the customer,” a release said.
Transactions are shown as below Rs 2 lakh "apparently to avoid TDS and mandatory quoting of purchasers’ PAN.” Some jewellers backdated their bills and, as the release explained, "even paid VAT to give the transaction(s) a colour of genuineness.”
In some cases, the jewellers had marked down the sales in previous years. "Further investigation is underway to verify the genuineness of the RTGS received,” the release added.