Income Tax Department conducts searches in Tamil Nadu

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....ncome Tax Department conducts searches in Tamil Nadu <br>News and Press Release<br>Dated:- 17-12-2020<br><BR>The Income Tax Department carried out searches on 14.12.2020 in a group case from Erode in ....

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....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....

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....s transport, running marriage halls and food masala business. The highlight of the search is seizure of &#8377; 21 crore of unaccounted cash. It was found that the group indulges in inflation of purc....

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....hases 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 &#837....

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....7; 700crore, which is ploughed back into real estate investments and business expansion. Out of this, the assessee has admitted to having undisclosed income of &#8377; 150 crore, so far. Overall ther....

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....e is a detection of &#8377; 700crore of unaccounted income and a seizure of &#8377; 21 crore of unaccounted cash as a result of this search. Further investigations are in progress.<BR> News - Press r....

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....elease - PIB....