I-T department auctions seized silver

INDORE: In its bid to recover demand due from one of its assessee, the I-T department conducted auction of seized silver. The income tax (I-T) department is referring all pending demand cases to the tax recovery officers (TRO) for recovery of the demand. The TROs, established under the I-T Act, are empowered to arrest the tax defaulters and auction their assets, said an official spokesman.
The Indore region of I-T department, on 12 March, auctioned seized zilver of one of the assessee, namely, Om Prakash Dhanwani, who is the proprietor of Ravi bullion, Indore for total consideration of Rs 4.13 crore. The silver was auctioned by TRO to recover the arrear demand. This silver was originally intercepted by local police on 26 November, 2008 and was handed over to income tax department under section 132A of the I-T act on 22 December, 2008 for further investigation, added she.
Therefore, search action was conducted by the I-T department in Ravi Bullion group of case of Indore on 26 October, 2010. After framing search assessments, the total demand of Rs 56.13 crore was raised in March, 2013. However, the department recovered only Rs 1.02 crore till February, 2014. The extreme step of auction of the seized silver was taken to recover part of the demand of the assessee.