The Income Tax Department has opened an investigation against Piyush Jain, a Kanpur-based businessman.

Notably, the General Directorate of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg of gold and 600 kg of sandalwood from the premises of the Piyush Jain factory last December.

A joint team from DGGI and the local Central GST had taken Jain to his factory and residence in Kannauj, resulting in the recovery of silver and gold.

The investigation was taken over by the Income Tax Department, Kanpur Division. The DGGI officially shared the information last week with the income tax department.

On Rs 194.45 crore, DGGI lifted a tax liability of Rs 52 crore on Piyush Jain. The remaining amount of money will now be seized or requisitioned by income tax under section 132B income tax.

An official told ANI that the money seized was being held at the State Bank of India. Now a warrant will be issued against Jain by the department. The department will also match its tax returns by opening the previous year’s ITR that it filed.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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