Kunwar Ajay group admits tax evasion
The owners of Kunwar Ajay group admitted to have undisclosed income totalling Rs 4.17 crore and have agreed to pay 60 per cent of the amount as tax, said Additional Director Invigilation (I-T), Anil Kumar Jain here on Wednesday.

Though Jain refused to give details about the group, he said that the group has stakes in textiles and consumer goods like salt and detergent. The I-T teams searched as many as 25 sites in the city. ‘‘Searches are still going on here,’’ said Jain. Officials have seized undisclosed assets worth Rs 67 lakh from various places. This includes jewellery, stocks and cash amounting to Rs 15 lakh. The officials have also found several incriminating documents containing details of benami deals and transactions undertaken by members of the group.

Jain said,‘‘Simultaneous searches were carried out in Mumbai, Ahmedabad and nine cities of North India.’’ However, Jain did not reveal any more details about the entire process. About tax collection, Jain said that it is rising steadily in Surat. At the same time, the city has also seen an increase in the admission of concealed income and seizure of undisclosed incomes, he said.

Republished from The Asian Age