Income Tax dept searches premises of 3 jewellery firms in Surat

Surat: With the arrival of the festive season, groups affiliated with the diamond and jewelry industry have come under the scrutiny of the Income Tax Department. The Income Tax Department today initiated a search operation at more than 35 locations linked to three prominent groups in the city.

It is learnt that Income Tax officials is conducting searches at the premises of Kantilal & Bros Jewellers, Parth Group, and Akshar Group in Surat. Over 100 Income Tax officials are involved in this operation. Furthermore, search operations have been initiated at two locations in Rajkot.

The ongoing search operation is anticipated to unveil significant benami transactions as the investigation unfolds. There are also discussions regarding the possibility of the Income Tax Department expanding its scrutiny to encompass real estate builders after its examination of the diamond and jewellery industry. DeshGujarat