The jeweller had deposited Rs 60 crore in bank account after the demonetisation exercise was announced on November 8, and when the investigation was done it was found that the jeweller was backdating and inflating the sales
A prominent city-based jeweller is under the scanner of Income Tax department after it deposited Rs 60 crore in bank account shortly after the demonetisation of high value bills was announced last month, an official said today.
“The jeweller had deposited Rs 60 crore in bank account after the demonetisation exercise was announced on November 8, and when the investigation was done it was found that the they (jeweller) were backdating and inflating the sales,” said an IT official on a condition of anonymity. While giving the instance of inflating of sale, he said the jewellery shop was showing the price of diamond at Rs 4 to 5 lakh per carat.
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“Post demonetisation, the store was showing the price of diamonds at Rs 4 to Rs 5 lakh per carat and at this price, best diamonds are found in the world and they are generally not found in India,” he said.
According to the official, there are other jewellers in the city, who are also under the scrutiny for back dating sales and inflating the sales.
Immediately after Prime Minister Narendra Modi announced withdrawal of Rs 500 and Rs 1000 notes on November 8, the jewellers had kept the shops open late in night, facilitating customers to get rid of their stashed old currency by selling gold at premium.