The Income Tax (I-T) Department on Wednesday knocked on the doors of a prominent business house in the State, headquartered in Chennai.
Over 60 places, including factories, offices and residential properties belonging to the group, were searched by Income Tax sleuths on suspicion of tax evasion. While the I-T Department officially did not mention the name of the group, sources said it was the Chettinad Group.
“The searches are still on as this is a huge group. Searches happened at Chennai, Coimbatore, Dindigul, Mumbai, Bengaluru and Andhra Pradesh,” said an investigating officer from the Department. “Searches were also conducted at places belonging to a few directors and group heads,” he said without divulging their names. When asked what led to the searches, the officer said it was a routine tax evasion check.
The Department tweeted, “The I-T Department is conducting a search on a prominent business group of Chennai, having varied business activities. About 60 premises are being covered across Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra.”
“Searches were also conducted at places belonging to a few directors and group heads,” he said without divulging their names.
When asked what led to the search operation, the officer said that it was a routine tax evasion check.
The IT department put out a tweet on its official page, which said, “The IT department is conducting search operation on prominent business group of Chennai having varied business activities. About 60 premises being covered across Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra. More than ₹7crore of unaccounted cash found from key person so far. Search is still in progress.”
Late in the evening, the officials said that some Singapore-based accounts were also being probed. “We are verifying the details of these accounts,” an official said adding that more details will be shared after the probe is completed.
The I-T Department’s tweet added: “More than ₹7 crore of unaccounted cash has been found from key persons so far. The search is still in progress.”
Late in the evening, the officials said some Singapore-based accounts were also being probed.
“We are verifying the details of these accounts,” an official said, adding that more details would be shared after the probe is completed.
