Summary:
This trader claimed that he sold gold worth Rs 7 crore that day. They had deposited Rs 10 crore in their accounts during note ban and officials found two family members having six PAN cards. On the same day, a goldsmith too was surveyed who had deposited Rs 5 crore in his accounts during demonetization. Sources said it was suspected that the businessman may be involved in running a facilitation network of converting black money of others into white. LUDHIANA: The income tax department has come across a case wherein a bullion trader of Ludhiana, who has a small shop near College Road, has evaded tax of several crores by depositing Rs 7 crore in his firm’s bank account and claiming it to be a single day sale of gold on November 8, 2016, the day of demonetization..