Searches were carried on July 6, 2022 out at more than 40 premises of the two state-based businesses located in Chennai, Coimbatore and Madurai. The undisclosed income of the groups detected so far is estimated at more than Rs. 500 crore. Further investigations are in progress.
Coimbatore: The Income Tax (I-T) Department has found undisclosed income of more than Rs. 500 crore in a raid that it was conducted last week on two Tamil Nadu-based business groups engaged in civil contracts, real estate, advertising businesses, among others, said a press release from the dept.
Searches were carried on July 6, 2022 out at more than 40 premises of the two state-based businesses located in Chennai, Coimbatore and Madurai. During the course of the searches, the I-T sleuths have seized incriminating documents and digital evidence. Meanwhile, thepreliminary investigation showed that both these groups had suppressed their taxable income by claiming bogus purchases and expenses over the last few years.
While one of the groups have created bogus payment receipts and later received back the cash, in addition to evidences have been found indicating suppression of huge income on account of sharing of profits in joint ventures, which is not reflected in the regular books of accounts.
In the case of the second group, it has been found that the group had created a number of bogus entities which were being used for claiming bogus purchases and sub-contract expenses Secret hideouts, maintained by the group for keeping documentary and electronic records.
Evidences showing introduction of bogus capital and loan liabilities in the books of account of some groups have also been unearthed. The undisclosed income of the groups detected so far is estimated at more than Rs. 500 crore. Further investigations are in progress, revealed the I-T dept.
Searches were carried on July 6, 2022 out at more than 40 premises of the two state-based businesses located in Chennai, Coimbatore and Madurai. During the course of the searches, the I-T sleuths have seized incriminating documents and digital evidence. Meanwhile, thepreliminary investigation showed that both these groups had suppressed their taxable income by claiming bogus purchases and expenses over the last few years.
While one of the groups have created bogus payment receipts and later received back the cash, in addition to evidences have been found indicating suppression of huge income on account of sharing of profits in joint ventures, which is not reflected in the regular books of accounts.
In the case of the second group, it has been found that the group had created a number of bogus entities which were being used for claiming bogus purchases and sub-contract expenses Secret hideouts, maintained by the group for keeping documentary and electronic records.
Evidences showing introduction of bogus capital and loan liabilities in the books of account of some groups have also been unearthed. The undisclosed income of the groups detected so far is estimated at more than Rs. 500 crore. Further investigations are in progress, revealed the I-T dept.