Income Tax Department conducts searches in Punjab and Haryana, recover unaccounted cash worth Rs 1.70 crore

During the raids on three prominent Commission agent groups based in Punjab, the IT department also found unexplained jewellery valued at Rs 1.50 crore and stock of flour worth Rs 1.50 crore.

New Delhi: The Income Tax Department on Wednesday (September 8, 2021) conducted search and seizure operations on three prominent Commission agent groups based in Punjab. The raids took place across many premises in Punjab and Haryana.  The IT Department informed that these groups are also engaged in the business of running steel rolling mill, cold storage, general mills, jewellery shop, poultries, rice mills, oil mill, flour mill apart from the business of Commission agents. The search action revealed that these groups were suppressing their business receipts and inflating expenses.