Ornaments worth Rs 1 crore seized

Ornaments worth Rs 1 crore seized

The jeweller was allegedly carrying diamonds and gold ornaments worth Rs 1 crore without declaring the same to the Income Tax department.

The Air Intelligence Unit of the Income Tax department, acting on the basis of a random profiling of large tax payers, zeroed in on the jeweller, when he was about to board a Mumbai-bound flight with the stash at the international airport here.

Diamond pieces, gold ornaments and some gold-plated designer jewellry were recovered from his baggage.

He was later detained.

Following the jewellers’ detention early this week, searches were conducted at his offices by the Income Tax officials.

Officials said they have  uncovered documents allegedly related to tax evasion to the tune of Rs 2 crore were recovered.

The jeweller was travelling from New Delhi to Mumbai to exhibit his collection which was not accounted for in his declared assets with the department, official sources said.

New software trap
The new software-based ‘360 degree profiling system’ has brought some recent successes for the Income Tax department in detecting tax evaders.

The system follows the transactions of a tax payer in a “dedicated” manner, giving the Income Tax department officials the actual picture of all investments and cash deposits of an individual.