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IT dept unearths income worth Rs 2.5 cr
November, 30th 2007
Income Tax sleuths conducted raids at two city-based retail garment stores and discovered an undisclosed income of Rs 2.5 crore, besides recovering unaccounted cash of over Rs 50 lakh.

The raids at retail garment outlets housed in eleven premises were conducted yesterday by the Investigation Wing of the IT department, official sources said.

The department has also sealed few bank lockers of the two parties during this operation, they said.

During the preliminary investigation, department found that these stores were allegedly indulged in suppressing the actual sales in a bid to evade tax, they said, adding the outlets were allegedly not reflecting the actual sales.

The department was expecting that the quantum of unaccounted income to go up manifold as the search operation would continue during next couple of days.
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