9911796707
TMI BlogIncome Tax Department conducts searches in Tamil NaduX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Department conducts searches in Tamil Nadu X X X X Extracts X X X X X X X X Extracts X X X X ..... Tamil Nadu, covering 15 premises at Erode and Chennai. The group is a leading civil contractor for Government works, specialised in erecting Seawave breaks along the coastlines and diversified into b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us transport, running marriage halls and food masala business. The highlight of the search is seizure of ₹ 21 crore of unaccounted cash. It was found that the group indulges in inflation of pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chases and other work contract expenses. Such inflated payments made to the suppliers and subcontractors are received back in cash regularly. The unaccounted income thus generated comes to around S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 700crore, which is ploughed back into real estate investments and business expansion. Out of this, the assessee has admitted to having undisclosed income of ₹ 150 crore, so far. Overall the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is a detection of ₹ 700crore of unaccounted income and a seizure of ₹ 21 crore of unaccounted cash as a result of this search.
Further investigations are in progress. X X X X Extracts X X X X X X X X Extracts X X X X ..... release - PIB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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