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