Search and seizure operations by the Income Tax department on a Chennai-based group involved in cement manufacturing, logistics and construction etc. detected evasion of income of over Rs 700 crore. While the IT Department has not named the group, earlier reports point at the Chettinad Group.
According to the IT Department, the searches at 60 premises located across Chennai, Trichy, Coimbatore, various places in Andhra Pradesh, Karnataka and Mumbai were carried out on December 9, following intelligence on tax evasion.
The IT sleuths have seized unaccounted cash of Rs 23 crore and identified Foreign assets worth Rs 110 crore in the form of Fixed Deposits that were not disclosed in the return. Inflation of expenditure to take out cash, also to reduce profits, receipts not accounted fully, bogus claim of depreciation etc. amounting to Rs 435 crore were also identified.
Besides this, there are indications of capitation fee receipts for medical admissions to post-graduate programmes.
“During the search, details of the actual financial transaction between the searched group and another group for the sale of three infrastructure facilities at various ports were found. Complex financial arrangements creating bogus liabilities from their own concerns were also seen to be made, ostensibly, to reduce the capital gains arising out of this transfer” said the statement from IT department.
The IT department added that Capital gains amounting to approximately Rs 280 crore have been arrived at and that huge capital introduction through a web of bogus inter-corporate transactions within the said group is also under the scanner.
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