INDIA
The CBDT statement added that the Rs 700 unaccounted income is ploughed back into real estate investments and business expansion.
Income Tax searches on the premises of a civil contractor for government works has led to the seizure of Rs 21 crore unaccounted cash and detection of Rs 700 cr unaccounted income in Chennai.
According to the department, the searches were carried out on December 14 and at 15 premises in Chennai and Erode. The searched group specializes in erecting seawall breaks along the coast and diversified into bus transport, running marriage halls and cooking masala business.
“It was found that the group indulges in inflation of purchases and other work contract expenses. Such inflated payments made to the suppliers and subcontractors are received back in cash regularly” read the statement from the Central Board of Direct taxes.
It also added that the Rs 700 unaccounted income is ploughed back into real estate investments and business expansion and that the assessee admitted to having an undisclosed income of Rs 150 crore, so far.
Earlier on December 9, 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.
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.
DNA TV Show: Congress not to contest UP by-polls, lends 'unconditionally' support to SP
Venom The Last Dance movie review: Tom Hardy's final Marvel outing is a king-size disappointment
Pushpa, Stree 2 choreographer Jani Master gets bail in sexual assault case
Who is Justice Sanjiv Khanna, the next Chief Justice of India?
KL Rahul rejects retention offer from Lucknow Super Giants, set to enter IPL 2025 auction: Report
Mukesh Ambani's Reliance to give bonus share ahead of Diwali, check last date to apply
When Hollywood actress Natalie Portman insulted a BIG Bollywood megastar, he was asked to 'get lost'
J-K: 2 porters killed, 3 soldiers injured after Army vehicle attacked in Gulmarg
Shah Rukh Khan is back on small screen with legendary tale, it will lead up to…
Pre-Diwali Skincare: 5 quick tips to achieve flawless skin this festive season
Bomb threats to Indian planes continue: More than 80 flights receive fresh security alerts
Mumbai Police arrests vegetable seller from Jamshedpur for sending death threat to Salman Khan
'Dukh toh hota hi hai': Ex-India star blames MS Dhoni for dropping him at the 'peak of career'
Amitabh Bachchan defended Aishwarya Rai after she opted out of this film due to...
THIS company lost Rs 36430 crore in 6 hours, it's not Mukesh Ambani's Reliance, Tata Motors
Narak Chaturdashi 2024: Know the date, time, rituals, significance of Choti Diwali
'Attitude is...': Ex-Tesla employee shares experience working with Elon Musk
IND vs NZ: Washington Sundar scripts history in Pune, becomes first Indian to achieve big feat
Mukesh Ambani hails Meta CEO, says Mark Zuckerberg will go down in history for...
SC issues notice to Ajit Pawar on Sharad Pawar faction's plea over NCP 'clock' symbol
'UPSC hotspot': THIS college produces most IAS, IPS officers every year
Unlock the Power of Quick Recovery: Why every windows PC needs RestoreX360
Royal Enfield first electric bike spotted, it will be unveiled on…
'Dead' baby found alive during funeral in..., what happened next will SHOCK you!
Anil Ambani gets good news ahead of Diwali, his Rs 17016 crore company receives...
Apple iPhone 16 pro is now available for just Rs 52,930 on Amazon, how you can grab this deal
Diwali 2024: 5 vastu-friendly home decor tips to welcome wealth, prosperity this Deepawali
'Breasts, not oranges': Cancer awareness campaign by Yuvraj Singh's NGO draws flak, DMRC recalls it
Virat Kohli reveals being in tears while talking to Anushka Sharma following THIS incident
Man kidnapped from chaat stall, but there's a twist, watch viral video
IND vs NZ: R Ashwin goes past Australia's Nathan Lyon to set new World Test Championship record
Dhanteras 2024: Date, significance, shubh muhurat and more
Nvidia rolls out Hindi-language AI model in India: What is it and how will it work?
Netizens not happy with this billionaire's apartment in Bengaluru, says, 'you can afford better'
'Kejriwal, Atishi looted Rs 8,500 crore for...': BJP protests at Yamuna's Chhath Ghat
Cyclone Dana trains cancelled: Over 300 trains cancelled, check full list here
Bengaluru school's Rs 1.5 lakh fees for Nursery sparks controversy, parents' reaction goes viral
THIS rule will change from November 1, Airtel, Jio, Vi, BSNL users should pay attention, it will...
Video of man dancing around Russian woman at India Gate goes viral, sparks online debate
Innovating the Future: Aniruddh Tiwari's visionary advancements in AI and aata analytics
Revolutionising Enterprise Data Frameworks: How one lead data engineer is driving innovation
Pakistani model's BOLD move, walks Miss World ramp without...; watch video
What role did IAS officer Srushti Deshmukh's family play in her UPSC success? Details here
BIG allegation against Donald Trump, ex-model says former president groped her in front of...
THIS rule made by Ratan Tata won't allow Noel Tata to become Tata Sons chairman, it is...
JioHotstar domain acquired by Delhi-based app developer, he now wants Mukesh Ambani's Reliance to...
Alia Bhatt was totally smitten with Aishwarya Rai's dance videos because...
Ind vs NZ 2nd Test: When, where to watch India vs New Zealand 2nd Test match live
When Salman Khan broke his silence on blackbuck case: ‘Just because I cannot…’
Hyundai Motor India launches historic IPO, paves way for innovation and growth in automotive sector
BIG change in world's richest people list: Mukesh Ambani, Gautam Adani's fortunes now...
Ananya Panday gets trolled for her outfit, netizens say ‘she is getting Janhvi-fied’
Tom Holland confirms Spider-Man 4, reveals film will go on floors in...