Free Press Journal

I-T searches at Jeweller, Adwin Limited


BHOPAL : Income tax (I-T) department, investigation wing, on Wednesday, raided as many as 20 establishments of a leading Jeweller in Bhopal and Indore.

I-T sleuths also raided four establishments of Adwin Private Limited, which is into tyre manufacturing.

In the raids against the Jeweller, cash to the tune of Rs 2 crore has been recovered. Jewellery in large quantity has also been seized which is being matched with the stock. The valuation of seized ornaments is being done.

Raids were conducted on showrooms at Malviya Nagar, DB Mall and a showroom of Audi car. The residence of Showroom manager was also raided. Searches were also conducted at a hospital, run by this group. The I-T               team has also found documents, showing their investment in real estate. It is being examined whether the firm was evading income tax.

With I-T department conducting raids two days prior to coming of deadline of Income Declaration Scheme, it is predicted that the raids may lead to the firm surrendering a big sum of money.