IT Dept carried out searches in three states on some PWD contractors, total 14.48 crore seized

FLASH: Income Tax Dept carried out searches in Bengaluru on some PWD contractors, who were awarded contracts between Jan-March '18. It led to seizure of Rs 6.76 crore in cash in denominations of Rs 2000&Rs 500. Some assessees were found to be not maintaining books of account. In Hyderabad region, searches conducted by IT Dept on 2 realtors led to seizure of Rs 5.10 crore of unaccounted cash in denominations of Rs 2000 & Rs 500. In another search in Khanna, Punjab on a group engaged in manufacture and sale of cattle feed, cash amounting to Rs 2.62 crore, jewellery & bullion of Rs 66.49 Lakh. Total cash seized in these searches is Rs.14.48 crore in last two days: IT Sources
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