Agri Business

Rs 7.25 cr seized from Punjab veg merchants

PTI Chandigarh | Updated on January 24, 2011 Published on January 12, 2011

Amid protests from vegetable merchants over tax raids, the I-T department has unearthed unaccounted money worth over Rs 7 crore from Punjab-based wholesale vegetable merchants, an official said today.

The money was unearthed by the authorities during a survey conducted last week to check commodity hoarding in the wake of soaring onion prices.

“About Rs 7.25 crore has been surrendered by (wholesale) vegetable merchants in Punjab during the survey operations conducted last week,” said Mr B K Singh, Income Tax (Investigation wing), Additional Director.

The I-T sleuths unearthed a whopping Rs 4.25 crore as undisclosed money from a single vegetable merchant in Amritsar while Rs 1.25 crore from Ludhiana-based traders and Rs 1.75 crore from Jalandhar based traders.

The department is still investigating the records of wholesale traders to ascertain the mismatch between physical stocks of goods and stocks maintained in accounts books.

“It will take a little time before the final report (about the surveys) is out and it will throw light on what modus operandi was adopted by the vegetable traders for hoarding commodities,” sources said.

Income Tax department swooped down on vegetable merchants in Jalandhar, Ludhiana, Amritsar, Chandigarh, Faridabad and Jammu and Kashmir simultaneously on January 6.

“The details regarding operations conducted in Chandigarh, J&K and Faridabad is awaited,” official said.

Expressing anguish over the Income Tax surveys, vegetable traders in Punjab had accused the I-T officials of harassing them by carrying out raids on them.

“We are being harassed by the Income Tax Department unnecessarily...we are not hoarders as we do not build vegetables stock as we dispose them of to our customers as and when we get the supply,” said an Amritsar—based trader.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on January 12, 2011
This article is closed for comments.
Please Email the Editor