As part of screening ahead of the April 6 Assembly election, the Income Tax Department has been conducting a series of searches across Tamil Nadu as well as Puducherry, since the polling dates were announced.
On March 16, the Department conducted searches at five premises in Chennai. These five 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 the IT Department on Friday.
Two days ago, the IT Department had knocked on the doors of a business group -- Anitha HealthCare and Anitha Texcot India Private Limited. The searches were conducted on eight premises at Tirupur, Dharapuram and Chennai. The searches have revealed that the group is engaged in the practice of suppressing profit by inflating purchases and other expenses. The unaccounted for income so generated was utilised for making investments in land, and in the expansion of business. The search has resulted in the seizure of unaccounted for cash of ₹11.50 crore and the total for unaccounted income detected so far is ₹80 crore.
Further investigations are in progress.
