I-T dept to auction diamond firm’s share certificates worth Rs 22 lakh to recover taxes

Surat: Income Tax department will public sale Rs22 lakh worth of proportion certificate seized all through search and seizure operations on a diamond company’s premises some time ago to recover Rs3 crore of unpaid tax.

Official resources said the investigation wing of Surat’s I-T department had carried out search and seizure operations on a number one diamond company’s premises for tax evasion of over Rs3 crore in 2012. The I-T department seized cash and jewelry worth Rs3 crore and greater than 15 financial institution lockers. The I-T department had seized the proportion certificate of the diamond corporate in 2017. Around 21 spots together with offices, jewelry and diamond gadgets and flats of the homeowners in Surat, Ahmedabad and Mumbai had been searched via the I-T sleuths.

An I-T reliable said, “The proportion certificate of Rs22 lakh shall be auctioned on Tuesday to recover an impressive tax amount of Rs3 crore. This is first time that an public sale shall be held on the I-T office right here.” The diamond corporate is into manufacturing of polished diamonds and jewelry manufacturing.