The notice, the sources said, was issued on Tuesday to Anita Singhvi and that she was asked to explain how much she had paid in cash and through cheque to purchase the valuables and jewellery a few years back. It is understood that the I-T feels that about Rs 1.5 crore was paid by cheque for the purchase of the jewellery, while about Rs 4.8 crore was paid in cash by Anita Singhvi.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
Modi, a diamond jeweller whose designs have been worn by Hollywood stars, is now believed to be running a new business, which describes itself on the UK's Companies House register as a wholesale trader in watches and jewellery and a retailer of watches and jewellery in specialised stores.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
Bulk seizures of new currency continued on Saturday with some more incidents being reported, including one in which the IT department recovered Rs 5.7 crore cash in new notes secretly stashed inside the bathroom tiles of a hawala dealer in Chitradurga district in Karnataka.
A day after the income tax department and the National Investigation Agency seized 102 bagful of cash and jewellery, it was business as usual at the offices of Angadias at Bhuleshwar, Opera House, Zaveri Bazar, near Cotton Exchange, Pophal Wadi, and Malhar Wadi in Mumbai.
The ED is investigating Lodha after it booked him on criminal charges for his alleged involvement in two high-profile black money cases of illegal conversion of old notes post demonetisation.
It claimed doctors were being paid 'for referring medical tests'.
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
Police seized 100 fake notes of old Rs 500 denomination from Burhanuddin, who first claimed to be a Mumbai resident.
The searches have now concluded and preliminary post search inquiries have been initiated.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
ED attached 21 properties of Nirav Modi and his group worth over Rs 523 crore.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
The lawyer also claimed "there is no evidence to prove any of the charges levelled against my client."
The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than Rs 500,000 by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
During the searches, a few thousand Pakistani rupees and currencies belonging to the UAE and Saudi Arabia as well as incriminating documents were found
The income tax department has conducted searches at the office and residential premises owned by cricketer Gautam Gambhir's family in New Delhi for alleged tax evasion. Sleuths of the department conducted raids on Wednesday on at least five premises owned by Gambhir's family, and seized cash, jewellery, share certificates and some incriminating documents.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
Search and seizure operations by the revenue authorities have forced tax evaders in the national capital to cave in and admit that they owe the government more than Rs 860 crore (Rs 8.6 billion) for the last fiscal.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
'I was shocked by the kidnapping episode. I could have lost my life.'
As per the affidavit she filed on Friday along with the nominations for the bypoll, Jayalalithaa has total assets of Rs 117.13 crore, which include Rs 45.04 crore of movable assets and Rs 72.09 crore of immovable assets.
Real estate experts say rentals have corrected by 5-10 per cent across formats, including office, retail and housing, with a pick-up expected over the next few quarters as the economy recovers.
Authorities on Saturday continued to dig up currency to the tune of lakhs of rupees, including in new notes, across the country.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
Undisclosed income has been detected in respect of 10 assessee groups which included those linked to AIADMK leader V K Sasikala.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Wanted diamond merchant Nirav Modi on Thursday lost his fight against being extradited to India as a United Kingdom judge ruled that he can be sent back to face charges of fraud and money laundering in the estimated $2 billion Punjab National Bank scam case.
Kapoor, 62, and the Wadhawans were arrested by the agency in this case early this year and they are in judicial custody at present.
Karnataka goes to polls in about a fortnight and the Bharatiya Janata Party and the Congress is going toe-to-toe to win the elections, results of which will be announced on May 15. Here's a simple guide to all things about the Karnataka polls.
Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
CM Siddaramaiah called it a 'politically motivated' move.
The firm has blamed a section of unnamed competitors as well as maleficent parties
Why would an official of the Bihar government buy land in Pokharan, Rajasthan -- the site where India carried out controversial nuclear tests in 1998?
'All of us wear multiple faces, multiple masks. but who are we really?', J J Valaya, designer and photographer, asks K S Shekhawat.
'Virat is the captain of the Indian side and Anushka is an A-list Bollywood actor. Something like this has not happened before.'
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