Press Esc to close
Wednesday 23 July 2014
News updated at 12:56 PM IST
Weather
Max: 28°C
Min : 21.3°C
In Bangalore
Sunny day

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

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
Telangana chief minister K.Chandrashekhar Rao presenting a letter of appointment...

Telangana chief minister K.Chandrashekhar Rao presenting a letter of appointment...

Sand artist Sudarsan Pattnaik created a sand sculpture on sexual assault of a 6 year old girl...

Sand artist Sudarsan Pattnaik created a sand sculpture on sexual assault of a 6 year old girl...

Prime Minister Narendra Modi receives Swami Vishvesha Tirtha of Pejawar Mutt, in New Delhi...

Prime Minister Narendra Modi receives Swami Vishvesha Tirtha of Pejawar Mutt, in New Delhi...

Mercedes Benz MD aand CEO Eberhard Kern at the launch of Mercedes CLA 45 AMG...

Mercedes Benz MD aand CEO Eberhard Kern at the launch of Mercedes CLA 45 AMG...

Children playing football in a waterlogged field after heavy rains at a village in Balurghat...

Children playing football in a waterlogged field after heavy rains at a village in Balurghat...

People enjoy a dip in temperatures at the Rajpath amid heavy shower in New Delhi...

People enjoy a dip in temperatures at the Rajpath amid heavy shower in New Delhi...

Abhishek Bachchan, owner of Pink Panther Kabaddi team, pose for a group photo...

Abhishek Bachchan, owner of Pink Panther Kabaddi team, pose for a group photo...

Women labourers cover themselves as rain showers lash at Ghatanji on the outskirts of Yavatmal...

Women labourers cover themselves as rain showers lash at Ghatanji on the outskirts of Yavatmal...

The Gaganachukki and Bharachukki Falls in full splendour following the of release of water...

The Gaganachukki and Bharachukki Falls in full splendour following the of release of water...

UNICEF Goodwill Ambassador, Roger Moore addressing at the UNICEF and Commonwealth Games...

UNICEF Goodwill Ambassador, Roger Moore addressing at the UNICEF and Commonwealth Games...

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