The Income Tax Department has confirmed that on July 20, they conducted a search and seizure operation at Ahmedabad-based Chiripal Group of Industries for possible tax evasion. The department has seized Rs 10 crore unaccounted cash from one of the locations.
According to Income tax department sources the quantum of tax sought from the Ahmedabad-based group is estimated to be above Rs 100 crore.
Reports had emerged on Wednesday morning that a team of 150 IT officials from Surat, Vadodara and Ahmedabad conducted raids at 45 locations in Gujarat including their headquarters in Ahmedabad’s Shivranjani.
The Income tax officials have seized Rs 10 crore, gold ornaments and important documents from the group. The officials on Wednesday searched residences of company directors.
Companies of Chiripal Group facing the IT Probe:
(1) Vishal Fabrics
(2) Nandan Denim Ltd
(3) Nandan Terry Pvt Ltd
(4) Vraj Integrated Textile Parl Ltd
(5) Chiripal Industries (Fabrics Unit)
(6) Chiripal Industries (Petrochemical Unit)
(7) Shanti Education Ltd
(8) Shanti Business School
(9) Chiripal Poly Films
(10) Tripoli Management Private Limited