I-T Dept Raids 22 Locations In Tamil Nadu, Identifies Unaccounted Investments
Total Views |
New Delhi, October 29: In a major development Income Tax Department has seized Rs 5 crore cash in a raid which carried out at 22 premises in the running of educational institutions and their associates, including a civil contractor in Coimbatore, Erode, Chennai, and Namakkal on Wednesday.
The other shareholders of the company, such as, an architect from Tiruppur and a textile businessman were also covered and electronic devices seized during the searches are being examined, said the Income-tax department.
Given that the searches are still underway, it is expected that the final figures are going to be higher than what is being stated currently.
Income Tax Department conducts searches in Tamil Nadu
— PIB in Tamil Nadu (@pibchennai) October 29, 2020
👉 https://t.co/aabLpsPtDN@IncomeTaxIndia @PIB_India @airnews_Chennai @DDNewsChennai @ROBCHENNAI_MIB
According to a statement from the Income Tax department, the searches are being carried out based on information that the fees collected from students were not fully accounted for in the regular books of accounts.
Central Board of Direct Taxes, CBDT said, the search was carried out yesterday on the basis of information that fees collected from students were not fully accounted for in the regular books of accounts.
The CBDT said that evidence found during the search reveals that the allegations regarding suppression of fees received are true and the unaccounted receipts are siphoned off to the personal accounts of the trustees, which in turn are invested in real estate through a company.
CBDT said, the search has revealed unaccounted investments and on-money payments to the extent of around 150 crore rupees. Cash amounting to five crore rupees has been seized. Some lockers are yet to be operated.