Income Tax Department conducts searches in Tamil Nadu
The search actions by the department were conducted on March 16. These five premises belong to five entities, who, in addition to their regular business, are also acting as cash handlers. Full Story
New Delhi: During the course of election surveillance being carried out for the ensuing assembly elections in Tamil Nadu and Puducherry, the Income Tax Department has conducted search actions on five premises in Chennai.
The search actions by the department were conducted on March 16. These five premises belong to five entities, who, in addition to their regular business, are also acting as cash handlers. The action resulted in a cash seizure of Rs 5.32 crore.
In a separate development, the Income Tax Department carried out search and seizure operations on March 17 on a business group engaged in yarn trading and supply of PPE kits, bags and Baby care kits to various State Governments. The searches were conducted in eight premises at Tirupur, Dharapuram and Chennai.
"The searches revealed that the group is engaged in the practice of suppressing profit by inflating purchases and other expenses. The unaccounted income so generated is utilized for making investments in land and expansion of the business.
The search has resulted in the seizure of unaccounted cash of Rs 11.50 crore and the total unaccounted income detected so far is Rs 80 crore. Further investigations are in progress.
Seizure of large unaccounted cash will reduce the possibility of its utilisation for electoral purposes and will aid the objective of the free and fair poll in the State of Tamil Nadu. The income tax department has stepped up its monitoring and is closely watching the cash movement during the ensuing assembly elections. (ANI)