Press Esc to close
Saturday 18 April 2015
News updated at 2:10 PM IST
Weather
Max: 33.4°C
Min : 21.6°C
In Bengaluru
Sunny day

Rajkot-based Group admits undisclosed income of Rs 40 crore to I-T

Last updated: 14 September, 2011
Ahmedabad, Sep 13 (PTI)

Rajkot-based Galaxy Group, owned by BJP leader Kiran Patel, has admitted undisclosed income of around Rs 40 crore to the Income Tax department, official sources said on Tuesday.

The I-T department had launched a search and seizure operation on the Group on September 8, covering its 30 premises in Ahmedabad and Rajkot. The Group owns educational institutes and is engaged in manufacturing of engineering goods besides dealing in real estate business and film distribution.

"A total of 30 premises of the Group in Ahmedabad and Rajkot were searched during which they have admitted undisclosed income of Rs 40 crore," I-T sources said.

"In the operation, Rs 1.50 lakh unaccounted cash and jewellery valued at Rs 18.78 lakh were seized, and 15 bank lockers belonging to the Group have been sealed," they said.
Besides, a large quantity of incriminating documents, pointing towards tax evasion by the business entity, were seized, they said.

Patel had unsuccessfully contested the 2009 Lok Sabha election from Rajkot constituency.


Go to Top

Photo Gallery
Taragarh Fort overlooking the city on the eve of World Heritage Day...

Taragarh Fort overlooking the city on the eve of World Heritage Day...

Narmada Bachao Andolan activists during their 'Jal Satyagrah' in Khandwa...

Narmada Bachao Andolan activists during their 'Jal Satyagrah' in Khandwa...

Teena Ponnappa poses at the “Crafts Glory” an exhibition cum sale of Handicrafts and Handlooms...

Teena Ponnappa poses at the “Crafts Glory” an exhibition cum sale of Handicrafts and Handlooms...

Aishwarya Rai and Malayalam actress Manju Warrier at the inauguration of a jewellery shop in Chennai

Aishwarya Rai and Malayalam actress Manju Warrier at the inauguration of a jewellery shop in Chennai

Sachin Tendulkar during the IPL T20 match between Mumbai Indians and Chennai Super Kings in Mumbai..

Sachin Tendulkar during the IPL T20 match between Mumbai Indians and Chennai Super Kings in Mumbai..

Sahara Force India Mexican driver Sergio Perez steers his car during a practice session...

Sahara Force India Mexican driver Sergio Perez steers his car during a practice session...

A heap of wheat getting damaged with rain water in Hisar on Friday...

A heap of wheat getting damaged with rain water in Hisar on Friday...

Tigers at the Ranthambore National Park in Sawai Madhopur, India...

Tigers at the Ranthambore National Park in Sawai Madhopur, India...

Civic workers sweep at a lawn near India Gate in New Delhi on Friday...

Civic workers sweep at a lawn near India Gate in New Delhi on Friday...

Policemen fire teargas shells towards protesters during an agitation against the arrest...

Policemen fire teargas shells towards protesters during an agitation against the arrest...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523