The Income Tax department today conducted searches on eleven premises of a city-based bullion trading group and detected unaccounted income worth Rs 12 crore.
Officials said the searches were carried out as part of the department's operations against black money hoarders in the wake of the currency scrap announced by the government last month.
"The group has surrendered undisclosed income of Rs 12 crore to the department. Investigations in the case are ongoing," they said.
In an another case in Allahabad, the taxman searched a locker belonging to a similar group and seized gold bullion worth Rs 1.06 crore and a cash of Rs 20 lakh," they said, adding operations are still on.
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