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The Income Tax Department said on Monday it has raided more than 40 premises belonging to a Chennai-based industrial group, which is engaged in the business of manufacturing of IMFL, logistics, hospitality, and entertainment.
More than 40 premises of the company located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad have been raided. The search and seizure operation was conducted by the Income Tax Department on 15th June. So far, the search action has led to the seizure of undisclosed cash of Rs 3 crore and unaccounted gold jewellery worth Rs 2.5 crore, according to an official statement released by the Union Finance Ministry. Further investigations are in progress, it said. During the course of the search operations, various incriminating documentary and digital evidence have been seized. The analysis of such evidence indicates that the assessee group has indulged in large-scale tax evasion exceeding Rs 400 crore by debiting non-genuine purchase bills in the books of account of varied businesses. These "non-genuine purchase bills" were either obtained from its regular material suppliers or from accommodation entry providers. On gleaning, the seized evidence has also revealed that the payments made to the material suppliers through cheque have been received back in cash for making unaccounted investments and also for other purposes, the ministry said. The group is also found to be controlling back-office operations of its international chain of hotels, from India, the Finance Ministry added. (ANI)
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