Maharashtra: Income Tax Dept Recovers Assets Over Rs. 300 Crores

The Income Tax Department recovered Rs. 390 crores of ‘bemani’ assets on Thursday from residences, offices and factories of steel makers of Jalna district of Maharashtra over tax invasion.

The unaccounted assets were discovered during a marathon raid by the Income Tax department from August 1 to 8.

According to reports, the accused were prominent merchants and land developers.

The seizure includes Rs. 58 crores in cash, 32kg of gold jewellery, diamond and pearl jewellery of worth Rs. 16 crores and unaccounted assets worth over Rs. 300 crores.

It took the team around 13 hours to count the exact amount of cash recovered.

Following the information received about alleged tax fraud by the accused business groups, the Income Tax department formed five teams constituting 260 officials from across the state for search operation.

According to reports, the seized cash were recovered under cupboards, beddings and some were stored in bags.

These were recovered from farmhouse outside Jalna as they couldn’t find in their residence.

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