As part of election screening, the Income Tax Department has been conducting searches across Tamil Nadu and Puducherry since the polling dates were announced.
On March 16, the department conducted searches on five premises in Chennai. The premises belong to five entities who, in addition to their regular business, are also acting as cash handlers. The action resulted in a cash seizure of ₹5.32 crore, according to a statement from I-T Department on Friday.
Two days ago, the department investigated a business group — Anitha HealthCare and Anitha Texcot India Private Limited. The searches were conducted on eight premises in Tiruppur, Dharapuram and Chennai.
The searches revealed that the group is engaged in the practice of suppressing profits by inflating purchases and other expenses. The unaccounted income thus generated was utilised for investments in land and expansion of business.
The search also resulted in seizure of unaccounted cash of ₹11.5 crore. The unaccounted income detected so far is ₹80 crore. Further investigations are on.
