IT dept detects multi-crore tax evasion after raids on 2 TN groups


Team Udayavani, Dec 7, 2021, 5:28 PM IST

 

The Income Tax Department has detected tax evasion worth crores of rupees after it recently raided two Tamil Nadu based groups engaged in jewellery, textiles and home appliances sales, an official statement said on Tuesday.

The searches were carried out on December 1 at the showrooms of the unidentified groups in Chennai, Coimbatore, Madurai and Tirunelveli.

The Central Board of Direct Taxes (CBDT) said in a statement that Rs 10 crore cash and jewellery worth Rs 6 crore was seized by the department during the operation.

It described the tax evasion charges against the two groups.

In the case of the first group, it said, seized documents show that the assessee had been actively involved in “systematically suppressing” sales by manipulating their books of accounts. “The extent of suppression of sales is found to be more than Rs 1,000 crore over a period of several years,” it said.

It was also found that the assessee had made unaccounted cash purchases of about Rs 150 crore in textile division and jewellery division during the past few years, the statement said.

In the case of the second group, “incriminating” material shows that the assessee group had obtained “bogus bills” from a set of parties to the tune of Rs 80 crore and hence “suppressed” taxable income. “Evidences relating to unaccounted purchases of gold have also been gathered. The assessee group is found to be debiting inflated making charges of jewellery,” it alleged.

Unaccounted rental receipts and scrap sales of about Rs 7 crore have also been detected, the CBDT said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kalyan Singh, Gen Rawat given Padma Vibhushan; Azad, Buddhadeb awarded Padma Bhushan

MP cops file FIR against sellers over tricolour-themed products on Amazon

RBI-monitored takeover process complete: Crisis-hit PMC Bank branches to operate as USFBL branches

Family freezing to death on US-Canada border: Guj police probing local agents’ role

India has shown unmatched resolve during pandemic, better placed to meet challenges of future: President Kovind

Karnataka SSLC exams to be held from March 28

Consumer goods giant Unilever cutting 1,500 management jobs


Related Articles More

Kalyan Singh, Gen Rawat given Padma Vibhushan; Azad, Buddhadeb awarded Padma Bhushan

MP cops file FIR against sellers over tricolour-themed products on Amazon

Family freezing to death on US-Canada border: Guj police probing local agents’ role

India has shown unmatched resolve during pandemic, better placed to meet challenges of future: President Kovind

Congress struggles to keep ‘exit’ doors shut – but leaders stream out

MUST WATCH

Hon’ble President Ram Nath Kovind’s Message on the eve of Republic Day 2022

The bridegroom paid homage to Kafidore Siddhartha Hegde on the wedding day

Siddaramiah Reject peta of fan at Badami

NEWS BULLETIN 25-01-2022

Dotihal Road Problem


Latest Additions

Kalyan Singh, Gen Rawat given Padma Vibhushan; Azad, Buddhadeb awarded Padma Bhushan

MP cops file FIR against sellers over tricolour-themed products on Amazon

RBI-monitored takeover process complete: Crisis-hit PMC Bank branches to operate as USFBL branches

Family freezing to death on US-Canada border: Guj police probing local agents’ role

India has shown unmatched resolve during pandemic, better placed to meet challenges of future: President Kovind

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.