I-T dept detects Rs 250 crore black money after raiding 2 business groups in Tamil Nadu
The Income Tax Department has detected undisclosed earnings of greater than Rs 250 crore throughout searches in opposition to two business groups concerned in silk sarees commerce and chit fund in Tamil Nadu, the CBDT mentioned on Sunday. The searches had been carried out at 34 areas in Kanchipuram, Vellore and Chennai on October 5.
The CBDT mentioned the group engaged in the business of chit fund was operating an unauthorised business and all of the investments and payouts of greater than Rs 400 crore in the previous couple of years had been carried out totally in money.
According to a press release issued by the CBDT, the group had allegedly earned unaccounted earnings by fee and dividends.
“Numerous promissory notes, signed post-dated cheques and energy of lawyer paperwork saved as collateral for the loans given or from chit subscribers have additionally been seized,” it mentioned.
“The group had also earned unaccounted interest income from cash financing and had huge unaccounted investments and expenses,” the CBDT mentioned.
The Central Board of Direct Taxes (CBDT) frames coverage for the tax division. It mentioned properties owned by the group’s members embrace palatial houses and farm homes, at the same time as they had been “either non-filers or had disclosed negligible income in their tax returns, so far”.
Unaccounted money value Rs 1.35 crore and seven.5 kg gold jewelry had been seized, and undisclosed earnings of greater than Rs 150 crore was detected, the assertion mentioned.
Giving particulars in regards to the group concerned in silk sarees commerce, the CBDT mentioned the proof referring to gross sales suppression over the last 4 years was discovered.
“The manipulation of sales figures through a customised software application was detected,” it claimed.
“Post such manipulations, the group members used to take out the unaccounted cash on a regular basis, and made unaccounted investments in land and buildings,” the board alleged.
The CBDT mentioned the group members used to “incur huge cash expenses on lavish lifestyles, give/ repay cash loans, make chit fund investments, etc.”
Unaccounted money value Rs 44 lakh and 9.5 kg gold jewelry had been seized and undisclosed earnings detected up to now in this group is greater than Rs 100 crore, the assertion mentioned.
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