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Tamil Nadu Income-tax department has conducted raid and detected undisclosed income of Rs 450 crore. Department raids an IT SEZ developer and Tamil Nadu based steel supplier.
Central Board of Direct Taxes (CBDT) said in a statement, “The searches, so far, have resulted in the detection of undisclosed income of more than Rs 450 crore,”
“While the quantification of unaccounted income is being carried out currently, it is estimated to be around Rs 100 crore,” Dept said. The related concerns of the group are involved in financing, money lending and real estate development.
“The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs 50 crore,”
Ministry of Finance issued a statement,”The evidence unearthed include unaccounted assets worth about Rs 100 crores accumulated by the former director and his family members in the past three years. The search further unearthed that the IT SEZ developer claimed bogus work-in-progress expenses of about Rs 160 crores in an under-construction project”.