IT raids unearth over Rs 4 crore of undisclosed income

The Income Tax department on Friday conducted simultaneous raids at seven properties belonging to different traders here and recovered Rs 4.34 crore of undisclosed income.”Acting on specific information, an IT department team comprising nearly 50 officials on Thursday raided four shops in bullion market, two ginning factories and an oil mill, following which the establishments surrendered undisclosed income of Rs 4.34 crore,” Joint Commissioner, IT Indore, RR Meena said.

“The amount surrendered by the firms included Rs 76 lakh by Sonam Codex, Rs 51 lakh by Suchita Industries and Baby Oil Mill, Rs 55 lakh by Surti Jewellers, Rs 70 lakh by Abhinash Jewellers, Rs 82 lakh by Motilal Hiralal, and Rs one crore by Vardhani Jewellers,” he said.Further investigation is on, he said.