In a statement, the Income Tax officials said the cash was kept in hidden chambers and hidden safe-house camouflaged as an unoccupied residence located in small towns of Odisha including Sudapada and Titlagarh in Bolangir district and Khetrajrajpur in Sambhalpur district.
The Income Tax Department raid at properties linked to Congress MP Dheeraj Shahu is one of the biggest operations in the country. The last big recovery was Rs 257 crore from Kanpur in 2019.
The assets were confiscated during raids on government contractors and real estate developers across multiple states, with searches commencing on October 12 and covering 55 locations in Bengaluru, Telangana, Andhra Pradesh, and Delhi.
Income Tax raids: The searches took place at the Kamal Mansion office of SP close aide Abha Ganesh Gupta. Abu Azmi's office and residence are located in the same building.
After complaints were filed against Jadhav, the I-T department initiated a thorough probe and found that around Rs 15 crore were allegedly collected by Jadhav.
The tax department had last year conducted searches against Chinese mobile communication and handset manufacturing companies like Xiaomi and Oppo and their linked persons and claimed to have detected alleged unaccounted income worth over Rs 6,500 crore due to violation of the Indian tax law and regulations.
The cash was recovered during the search operation which was initially called a survey operation. Bundles of notes of Rs 2,000 and 500 denominations were recovered.
The IT official reached Noida Sector 50 on late Sunday evening. The search operation is still going on and the officials would brief the media once the search operation is over, the source added.
On Sunday, the premises of a former IPS were also searched by the I-T teams in Noida sector 50.
Samajwadi Party (SP) president Akhilesh Yadav on Tuesday categorically denied any links between his party and Kanpur-based perfume trader Piyush Jain, and mockingly said the BJP got "its own businessman" raided "by mistake".
The Income Tax team first reached the Anandpuri residence of Piyush Jain in the city along with the currency counting machine. Similar I-T raids were underway at Jain's establishments in Mumbai and Gujarat.
According to sources, the smartphone companies were allegedly violating rules and norms to evade taxes and were on the radar of several probe agencies, including the I-T Department.
The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, said that the group received unaccounted money as part of immovable property transactions.
The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 1000 crore. Unaccounted cash of Rs. 1.2 crore has been seized so far.
During the Income Tax department searches, that were carried out at over 30 locations in Mumbai and Pune, including the premises of noted film director Anurag Kashyap, actor Taapsee Pannu, filmmaker Vikas Bahl, and executives of Kwann Talent management, evidence of huge suppression of income by the leading Film Production house compared to the actual box office collections has been unearthed.
The Income Tax Department carried out search and seizure operations on March 3 on two groups of civil contractors in Southern Tamil Nadu. Searches and surveys were conducted in 18 premises mainly in Madurai and Ramnad districts.
Undisclosed income of over Rs 500 crore has been uneathed by the Income Tax department during multiple raids at the premises of a leading bullion trading firm in Chennai, the CBDT said on Thursday.
The Income Tax department on Thursday unearthed alleged bogus investments of around Rs 150 crore while it conducted searches on the premises of one prominent coal trading company in West Bengal.
At least Rs 62 crore in cash were seized by the Income Tax Department as as part of its multi-city tax evasion operation against hawala or entry operators and individuals who prepare fake bills in Delhi.
"They served notice after money was recovered from a vehicle outside the compound. No money recovered within the compound," said Congress Bihar in-charge Shaktisinh Gohil.
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