Chennai: In but a further big crackdown, the Income Tax Department has unearthed proof of concealment of earnings to the tune of Rs 700 crore for the duration of searches carried out on a Chennai-primarily based industrial group.
“A large number of lockers belonging to the group have been identified, which will be operated in due course. As of now, the Department has succeeded in detecting evasion of income of over Rs. 700 crore,” Surabhi Ahluwalia, Commissioner of Income Tax (Media and Technical Policy) stated on Tuesday.
The Income Tax Department had carried out search and seizure operations on December 9 on premises of the major enterprise group operating from Chennai, “based on intelligence input about tax evasion.” The searches covered 60 premises positioned in Chennai, Tiruchi, Coimbatore, Andhra Pradesh, Karnataka and Mumbai. The enterprise activities involve cement manufacturing, logistics, building, amongst other people.
“The highlight of the search includes seizure of unaccounted cash of Rs. 23 crore from various locations. Foreign assets to the extent of Rs.110 crore in the form of Fixed Deposits have been found during the search, which were not disclosed in the return, and will attract action under the Black Money Act,” Ahluwalia stated.