Income Tax Department conducts search operations on group based in Tamil Nadu
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- Last Updated on 30 July, 2022
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Press Release, dated 28-07-2022
The Income-tax Dept. has carried out search and seizure operations on two groups located in and around Madurai and Chennai. The group was using software to maintain a parallel set of books of such unaccounted cash transactions.
In the case of the other group involved in the business of construction contracts, it is found that the group was involved in large-scale tax evasion by debiting bogus sub-contract expenses and inflation of purchases of various raw materials through self-made vouchers.
The search operation in these groups has revealed unaccounted income exceeding Rs. 150 crores. Unaccounted cash exceeding Rs. 14 crore and unaccounted gold and jewelry valued at over Rs. 10 crores have been seized.
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