I-T raid reveals secret deal

PATNA: Documents seized by the investigation wing of income-tax (I-T) department during the search operation carried out at Steel Corner, a shop of trader Uday Gupta located along Ashok Rajpath, have revealed that the trader had not accounted for a transaction of over Rs 80 lakh.
The director general, investigation (DGI), I-T, Bihar and Jharkhand, Ashutosh Singh Thakur, on Monday told TNN that the department had sought an explanation from Uday Gupta in this regard.The transaction took place during the current financial year itself, he said.
Uday Gupta is one of the three Gupta brothers whose business and residential premises were searched by the I-T department on February 27. The names of the two other brothers are Arjun Gupta and Vijay Gupta. Thakur said that the department would get the Anand Vihar Apartment, allegedly owned by Gupta brothers, re-evaluated. The cost of the building was estimated to be around Rs 1 crore, he said. The building houses Partech Education Private Limited and Guinea Motors, the two business concerns of Gupta brothers. The I-T department had also searched Guinea House and Patna Guinea House, both located on Ashok Rajpath, on Thursday.
Thakur said that a document seized from the residence of Arjun Gupta revealed an unaccounted transaction of Rs 8 lakh for the purchase of a plot for his daughter. Although the plot was purchased at a cost of Rs 11 lakh, it was shown to have been purchased at a cost of Rs 3 lakh only, he said.
He said that the department had also asked Vijay Gupta to explain the availability of five kilograms of gold at the Patna Guinea House. He said that Vijay had earlier said that the gold belonged to his family and he had invested it in his jewellery shop. The department was not at all satisfied with this explanation. over 3 kg of gold was found during the searches carried out at the residences of Gupta brothers, Thakur added. the business and residential premises of another trader, C B Agrawal, located on Buddha Marg was also searched, said Thakur.