I-T raids unearth Rs 8 cr in Baruch, Ankleshwar

Vadodara, Jan 22 | Updated: Jan 23 2007, 05:53am hrs
The Income Tax (I-T) department has detected an unaccounted money of Rs 8 crore from various industrial houses located in Bharuch and Ankleshwar, which is also called Golden Corridor due to rapid industrialisation in the region.

The I-T departments drive is still on and with some of the accounts, which were seized recently, are yet to be examined, the department estimates that the unaccounted amount is expected to touch Rs 15 crore figure.

Giving details about the drive to detect the unaccounted transactions, officials in the investigation department of the I-T, said that the I-T sleuths swooped on to around 31 premises in Bharuch and Ankleshwar and in the first phase premises of builders, transporters, architects, multiplex owners and brick manufacturers were searched and raided.

The department has so far detected the unaccounted money of Rs 8 crore and it has also seized cash of Rs 40 lakh, receipts of fixed deposits worth Rs 15 lakh and jewellery worth Rs 16 lakh.

The department has continued its drive and around 10 accounts are yet to be examined and scrutinised. Apart from the I-T evasion, if there is service tax evasion, the Central Excise Department will also carry out its own inspection. Sources also informed that there are chances of detecting service tax evasion also.

According to I-T officials, the department is likely to focus on major players having large amount of capital investments, in days to come.