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Income Tax Raid on Joyalukkas

By Olga

On charges of alleges tax evasion, the IT (Income Tax) Department today conducted a country-wide search of over 100 stores and other premises of two major South-India based jewellery chains, reported PTI.

Income Tax Raid on Joyalukkas

The search was carried out on Kerala-based Joyalukkas and another firm connected with it. 130 premises of the jewellery business groups were raided in cities of Chennai, Hyderabad, Delhi, and Thrissur. Other locations belonged to the state of Kerala, Karnataka, Andhra Pradesh, Telangana, Maharashtra, Gujarat and West Bengal.

The move was aimed at checking alleged tax evasion following demonetization. Huge cash deposits and sale figures of gold, diamond, and jewellery in their accounts were detected by tax sleuths.

IT Department's Chennai wing is coordinating the nation-wide search with over 100 tax sleuths and a number of police teams.

Read more about: joyalukkas gold it raid
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