The income tax sleuths carried out searches and surveys at 29 premises across Ahmedabad, Himmatnagar among other locations across the country last weekend.
One of the groups to come under the scanner was an Ahmedabad-based stock broking firm while the other is a leading tile manufacturer based at Himmatnagar and headquatered at Ahmedabad, sources in the Income Tax department said.
A cash seizure of Rs 25.70 lakh had been made from the broker as he admitted to an undisclosed income of Rs 3 crore so far. Sources said some lockers had also been seized. Over 160 officers carried out the search operations.
The sleuths also seized unaccounted sum of Rs 20.30 lakh from the office premises of the tiles manufacturer.
The officials had seized files, CD and other important documents which are being investigated. The total extent of the concealed income would be determined as the investigation progresses and the amount of tax evasion to be unearthed is expected to be very high, an official said.
The tiles manufacturing company had admitted to an undisclosed income of Rs 1.85 crore. Searches were also conducted at the premises of the director of the tile manufacturing company.
Meanwhile, the Rajkot income tax department officers also joined the raid exercise.