Income Tax Dept. searches at Ambika fireworks in Ahmedabad

Ahmedabad: The Income Tax Department has conducted searches at several premises of the famous Ambika Firecrackers shop here in the city. The IT Department has been conducting a search operation since late at night at two branches of Ambika in Raipur. Shivaranjani crossroads and the SG Highway branch have also been subjected to raids, with expectations of uncovering a significant number of benami transactions.

The IT investigation at Ambika Fireworks Store has created a ripple effect among other traders, and the search operation is still ongoing. While you may not have heard the name Ashish Khajanchi, the name Ambika Patakda is likely familiar. Ambika Crackers, conceived by Ashish Khajanchi, stands as one of the largest wholesalers in the fireworks industry.

Ashish Khajanchi, one of India’s youngest CAs in 1987, initially founded a CA firm, Dharmendra & Khajanchi, in 1990. His life took a turn when he married Sonal Modi, daughter of Kamlesh Modi, a firecracker merchant running Ambika Fireworks in Ahmedabad.

Initially, Ashish assisted his father-in-law by serving as the treasurer in the fireworks shop during Diwali, but later he realised the untapped potential of the business. This realisation marked a turning point. Ashish initiated changes in their system, starting with the introduction of computerised billing. This innovation attracted semi-wholesalers and retail clients from all over Gujarat. He initially established a storage facility near Hatijan in Ahmedabad and commenced selling crackers to semi-wholesalers on an advance payment basis. The business gradually expanded, spreading its reach throughout the country. DeshGujarat