Tamil Nadu
IT raids in 2 Chennai-based groups reveal over Rs 1,000 cr undisclosed income : CBDT
Chennai/UNI: The Central Board of Direct Taxes (CBDT) today said the Income Tax raids at two Chennai-based groups, including leading bullion trader in Tamil Nadu, led to the detection of undisclosed income of more than Rs 1,000 crore.
A CBDT release here said the raids in the premises of the leading bullion trader and one of the biggest jewellery retailers in South India also led to the seizure of Rs 1.2 crore unaccounted cash so far.
The search operations were carried out at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Nellore, Jaipur and Indore.
The evidences found in the premises of the bullion trader revealed that there were unaccounted cash sales, bogus cash credits from its branches, cash credits in dummy accounts in the guise of advance for purchases, unexplained cash deposits during the demonetisation period, bogus outstanding sundry creditors and huge unexplained stock variations.
The evidences found in the premises of the jewellery retailer revealed that the taxpayer received and repaid cash loans from local financiers, had given cash loans to builders and made cash investments in real estate properties, made unaccounted gold bullion purchases, claimed wrongful bad debts, inflated wastages in conversion of old gold to fine gold and jewellery.
Further investigations are in progress.
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