Press Esc to close
Saturday 30 August 2014
News updated at 5:39 PM IST
Weather
Max: 25.6°C
Min : 19.7°C
In Bangalore
Generally cloudy

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
Alastair Cook walks off dejected after losing his wicket during the ODI against India ...

Alastair Cook walks off dejected after losing his wicket during the ODI against India ...

Artists perform during a play  on the occasion of International Day of the Disappeared ...

Artists perform during a play on the occasion of International Day of the Disappeared ...

Narendra Modi shakes hands with his Japanese counterpart Shinzo Abe during a private dinner ...

Narendra Modi shakes hands with his Japanese counterpart Shinzo Abe during a private dinner ...

Kannada actress Ragini Dwivedi posing with the jewelery at the Asia Jewel Fair in Bangalore ...

Kannada actress Ragini Dwivedi posing with the jewelery at the Asia Jewel Fair in Bangalore ...

Special puja being offered to Dasara Elephants in Mysore ...

Special puja being offered to Dasara Elephants in Mysore ...

Union Railway Minister Sadananda Gowda during a visit to Ernakulam railway station in Kochi ...

Union Railway Minister Sadananda Gowda during a visit to Ernakulam railway station in Kochi ...

Bomb Squad members checking a suspected bag found at Bandra Station in Mumbai ...

Bomb Squad members checking a suspected bag found at Bandra Station in Mumbai ...

Red Cross workers walk through an Ebola hit area  in Monrovia, Liberia ...

Red Cross workers walk through an Ebola hit area in Monrovia, Liberia ...

Models take part in awareness campaign 'Save Ganga and Green India' in Bhopal ...

Models take part in awareness campaign 'Save Ganga and Green India' in Bhopal ...

Siddaramiah presenting kit to a beneficiary  during launch of 'Pradhan Mantri Jan-Dhan Yojana' ...

Siddaramiah presenting kit to a beneficiary during launch of 'Pradhan Mantri Jan-Dhan Yojana' ...

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