I-T dept unearths Rs 9.4 crore undisclosed amount in raid

Ahmedabad: The Income Tax department in an
inter-state search on Wednesday unearthed an undisclosed sum of Rs
9.4 crore from a diversified business group, IT officials said
today.

A total of 18 premises of the group situated in Mumbai,
Indore and Bhavnagar in Gujarat were covered during the search
and seizure operation, during which the group has admitted Rs
9.4 crore undisclosed income, an I-T official said.

The group has been engaged in the business of ship
breaking, manufacturing of cast iron ingots moulds and rolling
mill casting, he said.

During the operation large quantity of incriminating
documents were seized and proceedings are still underway, the
official said.

PTI