October 29, 2020 5:41:38 pm
In a series of raids Wednesday, the Income Tax department unearthed a tax evasion worth Rs 150 crore in Tamil Nadu. The raids targeted 22 premises of a group running multiple educational institutions at various locations and seized cash amounting to Rs 5 crore.
In a statemnet released Thursday, the agency said the raid was conducted following complaints about suppression of fees and unaccounted receipts “siphoned off to the personal accounts of the trustees, which in turn are invested in real estate through a company.” “The other shareholders of the company, an architect from Tirupur were also also covered. Electronic devices seized during the course of search are being examined,” it added.
During the searches in the case of the civil contractors from Namakkal, the statement said, inflation of expenditure by booking bogus expenses under labour charges, material purchase have also been found.
The search which was still continuing on Thursday. “Some lockers are yet to be operated,” the statement said.
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