I-T searches yield ₹23 cr. in unaccounted cash
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The Income Tax Department has detected evasion of earnings of over ₹700 crore from the searches it performed on the premises of a distinguished industrial group in town. During the searches, officers seized ₹23 crore in unaccounted cash from varied areas.
The search operation was carried out on December 9, primarily based on intelligence inputs about tax evasion. It lined 60 premises throughout Chennai, Tiruchi and Coimbatore in Tamil Nadu, Andhra Pradesh, Karnataka and Mumbai. The enterprise actions of the group that got here below the lens included cement manufacturing, logistics and building, amongst others.
According to a press release issued by the Central Board of Direct Taxes, overseas belongings value ₹110 crore, in the type of mounted deposits, have been discovered in the course of the searches. They had not been disclosed in the returns, and would entice motion below the Black Money Act.
Inflation of expenditure to take out cash and cut back income, receipts not accounted for in full, bogus declare of depreciation and different such actions, including as much as ₹435 crore, have been additionally detected. There have been additionally “indications of capitation fee receipts for medical admissions to postgraduate programmes”.
Details of monetary transactions between the group in query and one other group for the sale of three infrastructure amenities at varied ports have been discovered in the course of the searches. Complex monetary preparations creating bogus liabilities from their very own considerations have been additionally stated to have been made, ostensibly to scale back the capital good points arising out of the switch.
Capital good points of roughly ₹280 crore have been established. Huge capital introduction by means of an internet of bogus inter-corporate transactions inside the group can be below the scanner.
While the I-T Department didn’t point out the identify of the group, sources indicated that the raids have been carried out on the premises of the Chettinad Group.
