I-T unearths Rs 15 crore from Navsari diamond firm in Surat

SURAT: The Vapi Income Tax department has unearthed unaccounted income of Rs 15 crore from a Navsari-based diamond company on Thursday.
Sources said that the Vapi I-T sleuths had carried out search and seizure operation on the firm’s Navsari and Mumbai-based offices on Tuesday. After the two-day long operation, the firm owners disclosed Rs 15 crore worth of unaccounted income including the property documents, cash and jewellery.
The firm is into the manufacturing and export of polished diamonds.
"The search and seizure operation was conducted after the firm’s conspicuous trading and utilization of the bank credit. Certain documents are yet to be ascertained and that the assessment is still going on," said an I-T officer.