Summary:
On September 11, the IT department had recovered Rs 19 crore in cash involving currency notes of Rs 2,000 and Rs 500. Earlier this week, the department had seized Rs 19 crore cash from them. The Income Tax Department has unearthed illegal transactions to the tune of Rs 50 crore in a case involving stock market entry operators Jignesh Shah and Sanjay Shah. The investigators also found stock market transactions to the tune of Rs 50 crore involving the above companies, enabled by the duo for their clients to manipulate LTCG to avoid taxes. They had manipulated Long Term Capital Gains (LTCG) involving shares of three companies; Citizen Yarn Ltd, Safal Securities Ltd and Safal Herbs Ltd..