Income-Tax department raid in Nashik

Nashik, July 7: The officials of the Income-Tax deparment today conducted raids on leading businessmen and recovered unaccounted money amounting to over Rs 48 crore from Pune, Nashik, Goa and Mumbai.

The raids under the guidance of IT Dept Inspector General, Pune were also conducted in Nashik where illegal wealth of over Rs 23 crore has been found from a businessman involved in construction and hotel industry, a release by IT department, Pune said.

The Nashik businessman had undisclosed income of Rs 23.56 crore which he had earned from construction business and evasion of income tax since 2002. And one of his projects is underconstruction now, sources said.

Sources told sources, that the businessman had entered hotel business after earning lots of money in travel and tours business. Later he forayed into construction line.

Another raid was conducted at a law firm, sources said.

However, the officials of IT department in Nashik refused to divulge any details about the raids in Nasik.

UNI