Income Tax Department finds 250 black money in raids through Tamil Nadu



The Income Tax Department raided several sites linked to affairs related to two companies, one involved in funds and financings, while the other is a retailer of silk sarees and other clothing. , CBDT said on Sunday. The tax authorities carried out searches in 34 premises located in Kanchipuram, Chennai and Vellore.

The tax service discovered unrecognized income in the amount of ??250 crore of that research, according to the Central Commission on Direct Taxes (CBDT).

In the first case, the income tax department discovered that a group was operating an unauthorized chit fund business. All investments and payments, with a value greater than ??400 crore, in recent years, has been paid entirely in cash. Evidence has revealed that the group has earned unrecorded income in the form of commissions and dividends, CBDT said.

“Numerous promissory notes, signed post-dated checks and power of attorney documents held as collateral for loans made or bondholders were also seized. The group had also earned unrecognized interest income through cash funding and had huge unrecorded investments and expenses, ”the direct tax authority added.

The tax department also discovered numerous real estate documents registered in the name of the members of the group and their associates. Properties owned by members of this group include lavish homes, farms and land, luxury vehicles, and more.

“Many partners and investors of the chit fund have been investigated and they have also admitted to making unrecorded investments and earning unrecorded income,” he added.

The tax service discovered undisclosed income up to ??150 crore so far in this case. Unaccounted for cash of ??1.35 crore and approximately 7.5 kg of gold jewelry were seized.

In the second case related to a silk saree retailer, the tax department discovered that sales figures had been manipulated over the past four years through custom software. Group members used to withdraw unrecorded money from these manipulations and make unrecorded investments in land and buildings.

“The band members also used to incur huge cash expenses for lavish lifestyle, give / repay cash loans, make chit investments etc,” said CBDT.

Unrecognized cash value ??44 lakh and some 9.5 kg gold jewelry were seized in this case. The undisclosed income detected so far in this group is greater than ??100 crores.

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