Income Tax raid on 100-year-old Kedarnath Shri Krishna Jewellers
Income Tax raid on 100-year-old Kedarnath Shri Krishna Jewellers

Kanpur News: An Income Tax Department (IT Department) raid was conducted on Sunday in Chowk Sarafa, Kanpur, Uttar Pradesh, at four establishments of Kedarnath Sri Krishna Jewelers and KS Bullion, a century-old company. The raids are now complete. According to information received, three teams of the Income Tax Department completed their investigations on Sunday night and one team completed its investigation on Monday evening. In this period, undisclosed silver worth Rs 8.5 crore was seized. A total of Rs 16 lakh in undisclosed cash was also seized. In addition, lockers were confiscated as well.

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The investigation involving Bobby Agarwal and Sanjay Agarwal, the owner and CA of the firm, had been completed by Monday night. The raid resulted in the seizure of silver worth Rs 8.5 crore that was previously undisclosed. It is ingots and utensils that are recovered among the 1500 kg of silver. In these raids, papers of various properties were also found, but most of them were very old.

No purchase register, no sale register, no stock register, no maintenance register was found during the investigation. When income tax officers discovered the entire bookkeeping was 50 years old, they were surprised. The Income Tax Department is studying how today’s firm’s account is maintained using cash by a bookkeeper in the time of the International Accounting System.

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Shri Krishna Jewelers’ owner Kedarnath is a Chartered Accountant. The KS brand is one of the three most popular brands in the state, and you can find KS products in stores under the brand name. Internationally, they are also in high demand for their silver items. Income tax officers are also surprised that such large businesses account for their finances using the old accounting methods of Baba Adam.

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