Rs 500 Crore Black Income Found In Tax Raids On 2 Tamil Nadu Groups
NDTV
Preliminary examination of seized documents and digital devices indicates that both these groups have been "suppressing" their taxable income by claiming bogus purchases and expenses.
The Income Tax Department has detected "undisclosed" income of more than Rs 500 crore after it recently raided two Tamil Nadu-based business groups engaged in real estate advertising and civil contracts, the CBDT said Tuesday.
The searches were carried out at over 40 premises in Chennai, Coimbatore and Madurai on July 6.
Preliminary examination of seized documents and digital devices indicates that both these groups have been "suppressing" their taxable income by claiming bogus purchases and expenses in their books of account over the last few years, the CBDT said in a statement.
The Central Board of Direct Taxes (CBDT) is the administrative body for the Income-tax department.
