Income Tax Department conducts searches in Tamil Nadu

By: Shree1news, 29 OCT 2020

The Income Tax Division has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a gaggle engaged within the working of Academic Establishments and their associates, together with a civil contractor. The search was carried out on the premise of knowledge that charges collected from college students weren’t absolutely accounted for within the common books of accounts.

Evidences discovered throughout the search reveal that the allegations concerning suppression of charges obtained are true and the unaccounted receipts are siphoned off to the private accounts of the trustees, which in flip are invested in actual property by an organization. The opposite shareholders of the corporate, viz., an architect from Tirupur and a textile businessman have been additionally coated. Digital units seized throughout the course of search are being examined.

In the course of the searches within the case of the civil contractors from Namakkal, inflation of expenditure by reserving bogus bills below labour expenses, materials buy, and so on. has been discovered.

The search has led to identification of unaccounted investments and on-money funds to the extent of round Rs.150 crore. Money amounting to Rs. 5 crore has been seized.  Some lockers are but to be operated. Search remains to be persevering with.

Source: PIB