Dynamite News Income Tax Department conducts searches in Tamil Nadu
The Income Tax Department carried out search and seizure operations on Wednesday on two groups of civil contractors in Southern Tamil Nadu. Full details on Dynamite News.
New Delhi: The Income Tax Department carried out search and seizure operations on Wednesday on two groups 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, which 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 Rs. 3 crore which was seized.
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Other findings include the identification of the fact that the assesse is booking bogus expenses under various heads to reduce the profits. The declared profits were less than 2% of the turnover, when in actual 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 subcontractors 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 Rs. 175 crore has been detected and unaccounted cash of Rs. 3 crore has been seized.
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