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Income Tax searches in Tamil Nadu reveal Rs 220 crore undisclosed income
New Delhi, March 1, 2021
The Income Tax Department conducted searches on a prominent business group located in Chennai on February 26 and unearthed undisclosed income of Rs 220 crore.
The search was conducted at 11 premises and surveys in nine premises of the group in Tamil Nadu, Gujarat and Kolkata. This business group is engaged in the manufacture and sale of tiles and sanitaryware, an official press release said.
During the search, unaccounted sale and purchase of tiles were detected. Details of unaccounted transactions were unearthed in a secret office and the software maintained in the cloud storage. It was found that the transactions to the extent of 50% were out of books, the release said.
Considering the previous turnover, the suppression of income may be in the range of Rs 120 crore. This is in addition to Rs 100 crore of undisclosed income introduced by the group as share premium through shell companies, it said.
"The total undisclosed income detected so far comes to Rs 220 crore. Cash of around Rs 8.30 crore was also found and seized. The search and investigations were in progress, the release said.
The Department said it was fully prepared to check and monitor the role of money in influencing voters. It remains committed to tracking the generation of unaccounted cash and its movement in Tami Nadu and Puducherry, where Assembly elections have been announced.