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I-T Dept Detects Rs 220 Cr in Black Money on Raiding Chennai Group

The Quint
·1-min read

The Income Tax Department raided premises of a tiles and sanitaryware business group based in Tamil Nadu’s Chennai and detected an undisclosed income of nearly Rs 220 crore, the Central Board of Direct Taxes (CBDT) said, PTI reported.

The department carried out searches and surveys on Friday, 26 February at 20 premises in Tamil Nadu, Gujarat and Kolkata, CBDT mentioned. It further said in a statement that cash of Rs 8.30 crore was seized during the operation on the leading business group.

As per the PTI report, CBDT claimed, “In the course of search, unaccounted sale and purchase of tiles were detected. Details of unaccounted transactions were unearthed in the secret office and the software maintained in the cloud.”

"Considering the previous turnover, the suppression of income may be in the range of Rs 120 crore. This is in addition to Rs 100 crore of undisclosed income introduced by the group as share premium through shell companies," CBDT added.

The statement that was issued by CBDT on Saturday night mentioned that the searches were underway.

The board further said that it was “fully prepared to check and monitor the role of money in influencing voters.”

(With inputs from PTI)

. Read more on India by The Quint.I-T Dept Detects Rs 220 Cr in Black Money on Raiding Chennai GroupLatest News: 16,752 New COVID Cases, India’s Tally Over 1.10 Cr . Read more on India by The Quint.