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I-T Dept raids leading industrial group in Chennai, seizes Rs 3 Cr cash, jewellery

New Delhi: Income Tax Department carried out search and seizure operations on a leading industrial group in Chennai and claimed to have seized Rs 3 crore cash and gold jewellery worth Rs 2.5 crore, an official statement said on Monday.

The industrial group is engaged in the business of manufacturing of IMFL, logistics, hospitality and entertainment.

The search operations were carried out on June 15, 2022, at more than 40 premises located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad.

During the course of the search operations, various incriminating documentary and digital evidences were seized, the statement from Central Board of Direct Taxes (CBDT) said.

The analysis of evidences indicated that the assessee group had allegedly 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 evidences have 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 statement said.

The group was also found to be allegedly controlling back-office operations of its international chain of hotels, from India.

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Via UNI-India
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