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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 - News and Press Release Dated:- 17-12-2020 - News - The Income Tax Department carried out searches on 14.12.2020 in a group case from Erode in ..... 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 bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchases 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there 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. - News - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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