The Income Tax Department has conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman.
Intelligence information was received on 04/11/2019 that the businessman was in possession of large amount of cash at his residence and that this cash was likely to be moved within short span of time.
In a swift action, some preliminary discreet enquiries were made to ascertain the availability of cash and a single warrant was executed to search the residence of the individual, along with survey u/s 133A at his business premises.
The assessee is in the business of construction subcontracting and real estate activities. During the search, unaccounted cash amounting to Rs. 9.55 crore was found and seized. This is the highest cash seizure in Pune by the Income Tax Department till date. Investigations in the case are still under progress.