TaxTMI 
TaxTMI 
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:- 4-3-2021<br><BR>The Income Tax Department carried out search and seizure operations on 03-03-2021on two group....
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....s of civil contractors in Southern Tamil Nadu. Searches and surveys were conducted in 18 premises mainly in Madurai and Ramnad districts. Based on intelligence inputs about the existence of cash, whi....
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....ch is likely to be distributed for election purposes, searches were mounted on the business groups. The action resulted in the finding of unaccounted cash of ₹ 3 crore which was seized. Other f....
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....indings include the identification of the fact that the assessee is booking bogus expenses under various heads to reduce the profits. The declared profits were less than 2% of the turnover, when in ac....
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....tual accounts the profits exceeded 20%. Similarly more than 100 subcontractors were introduced to book expenses to meet illegal payments, and on-money payments for property purchases. These subcontrac....
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....tors introduced, had filed returns of income from the same IP address, and for the first time ever, showing only this receipt as their sole income. As a result of the search, unaccounted income of &#....
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....8377; 175 crore has been detected and unaccounted cash of ₹ 3 crore has been seized. Further investigations are in progress.<BR> News - Press release - PIB....