In a candid disclosure, a top Income Tax official has admitted that the diamond trade and reality sector have one of the highest prevalence of black money, with investigations revealing that books in the sector are “completely manufactured”.
“(In) certain areas like real estate or diamond trade there is a lot of circulation of black money…but in the case of diamond merchants, the books are completely manufactured,” Director General of Income Tax (Investigations), B P Gaur, told reporters here late last evening.
