I-T raids on at prominent industrial group in T.N.
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The Income Tax (I-T) Department on Wednesday knocked on the doorways of a prominent enterprise home in the State, headquartered in Chennai.
Over 60 locations, together with factories, workplaces and residential properties belonging to the group, had been searched by Income Tax sleuths on suspicion of tax evasion. While the I-T Department formally didn’t point out the title of the group, sources mentioned it was the Chettinad Group.
“The searches are still on as this is a huge group. Searches happened at Chennai, Coimbatore, Dindigul, Mumbai, Bengaluru and Andhra Pradesh,” mentioned an investigating officer from the Department. “Searches were also conducted at places belonging to a few directors and group heads,” he mentioned with out divulging their names. When requested what led to the searches, the officer mentioned it was a routine tax evasion test.
The Department tweeted on its official web page, “The I-T Department is conducting a search on a prominent business group of Chennai, having varied business activities. About 60 premises are being covered across Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra. More than ₹7crore of unaccounted cash found from key person so far. Search is still in progress.”
Late in the night, the officers mentioned that some Singapore-based accounts had been additionally being probed. “We are verifying the details of these accounts,” an official mentioned including that extra particulars shall be shared after the probe is accomplished.
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