Income Tax Dept Cracks Down on Gold Jewellers Using Illegal Accounting Trick

The Income Tax Department has initiated a crackdown on gold jewellers who are allegedly using an "illegal accounting trick." The department has discovered that some jewellers are manipulating their "cost of inventory" to inflate their purchase costs and reduce their taxable income. This is often done by claiming older, lower-priced inventory has been sold when, in fact, it remains on the books. This practice of inventory manipulation allows them to artificially suppress profits and evade taxes, leading to widespread scrutiny and investigations.