I-T Department Raids Chennai Group Involved in Tax Evasion of Rs400 Crore
The income-tax (I-T) department said on Monday that it carried out search and seizure operations on 15th June at the premises of a leading industrial group in Chennai engaged in the business of manufacturing of IMFL (Indian made foreign liquor), logistics, hospitality and entertainment, for its alleged involvement in Rs400 crore tax evasion.
The search operations were carried out at more than 40 locations in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad, which led to the recovery of cash and gold worth Rs5.5 crore.
During the course of the search operations, various incriminating documentary and digital evidences were seized.
"The analysis of such evidences indicates that the assessee group has indulged in large-scale tax evasion exceeding Rs400 crore by debiting non-genuine purchase bills in the books of account of varied businesses," said an I-T official.
The official added that these non-genuine purchase bills were either obtained from its regular material suppliers or from accommodation entry providers.
The seized evidences revealed that the payments made to the material suppliers through cheque were received back in cash for making unaccounted investments and also for other purposes.
The group is also found to be controlling back-office operations of its international chain of hotels from India.
"So far, the search action has led to the seizure of undisclosed cash anounting to Rs3 crore and unaccounted gold jewellery worth Rs2.5 crore," said the I-T official.
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