CHENNAI: The Income Tax Department has carried out search and seizure operations in Tamil Nadu in the case of a leading industrial group of Chennai engaged in the business of manufacturing Indian-made foreign liquor (IMFL), logistics, hospitality, entertainment etc.
According to a press release issued by the Tax Department, the search operations were carried out on June 15 at more than 40 premises in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad. During the course of the search operations, various incriminating documentary and digital evidence have been seized.
The analysis of such evidence indicates that the assessee group has indulged in large-scale tax evasion exceeding Rs 400 crore by debiting non-genuine purchase bills in the books of account of varied businesses. These non-genuine purchase bills were either obtained from its regular material suppliers or from accommodation entry providers.
On gleaning the seized evidence, it came to light that the payments made to the material suppliers through cheque have been received back in cash for making unaccounted investments and also for other purposes.
The group is also found to be controlling back-office operations of its international chain of hotels from India.
So far, the search action has led to the seizure of undisclosed cash of Rs 3 crore and unaccounted gold jewellery worth Rs 2.5 crore. Further investigations are in progress. (ANI)