Kundan Care Products Ltd (KCPL) sold around 200-250 kg of gold from these outlets on the night of November 8th, just withing the period of four hours, between 8-12 pm.
Well, while the world was stuck after Prime Minister Narendra Modi appeared on television on November 8th, and announced his historic decision to demonetise Rs 500 and Rs 1000 notes, a gold shop in New Delhi was busy selling ornaments – worth Rs 75 crore. Now, the “suspicious” sales, totaling nearly Rs 100 crore from three New Delhi outlets, is under Income Tax scanner. As per Indian Express sources, Kundan Care Products Ltd (KCPL) sold around 200-250 kg of gold from these outlets on the night of November 8th, just withing the period of four hours, between 8-12 pm.
Indian Express sources said that the sales at company’s Kucha Mahajani outlet were recorded below Rs 2 lakh per customer, without their PAN number being recorded. Sources added that I-T department has sent its preliminary report on this investigation to other agencies. The Central Board of Direct Taxes(CBDT) and Enforcement Directorate(ED) are also likely to join the probe.
Deepak Gupta, director, KCPL, denied any illegal conduct by the company on being contacted. “The I-T department has visited us and we have given them all the necessary documents. We are honest and one of the highest tax-payers,” said Gupta.
However, IE sources said that KCPL deposited nearly Rs 90 crore in old currency withing three days of announcement of demonetisation.
It has been reported the IT raids at Axis Bank branches led sleuths to KCPL. The sources said said that investigators found that the company had allegedly not recorded its gold stock at Kucha Mahajani shop on November 8th.