Following simultaneous raids carried out by the sleuths of the income tax department in the city a few days back on business and residential premises of prominent city jewellers and tyre merchants, Punjab Jewellers and Advem Tyres private limited have today surrendered a sum of Rs 26 crore before the income tax department. The income tax department few days back had carried out simultaneous raids over business premises of Anand and Punjab Jewelers in Indore and Bhopal and stumbled upon incriminating documents showing tax evasions to the tune of crore of rupees. These raids were carried out under the leadership of the income tax department's principal director RK Paliwaal joint director Prashant Jha.
Besides searching business premises and showrooms of Anand and Punjab Jewelers both in Bhopal and Indore, the the department sleuths had also raided Audi car show rooms of the jewelers located both in Indore and Bhopal and had unearthed grave financial irregularities.
Similarly the department sleuths had also detected grave financial irregularities and tax evasion to the tune of crore of rupees following it's raids at the business premises of Adven tyre company located on Sanwer road.
After thorough scrutiny of documents, the Adven tyres and tube surrendered a sum of Rs 7 crore, while Anand Group surrendered a sum of Rs 14.5 crore and it's sister concern Krishna Bhaya Jwelers surrendered a sum of Rs 4.50 crore before the income tax department here today.
According to department sources, in the coming days, the department is eying on prominent share traders and builders of the city and may carry out raids at their business premises during the peak of the current festive season.