The income tax department detected a tax evasion of more than $ 700 million after recently attacking several Chettinad group locations in Chennai, CBDT and official sources said on Tuesday.
“The culmination of the search includes the seizure of 23 million rupees of unaccounted cash from various locations,” the CBDT said in a statement.
“As of now, the department has managed to detect a revenue evasion of over 700 million euros,” he said.
The statement claimed that the fiscal details also detected documents related to the holding of “foreign assets in the amount of 110 million lei, in the form of fixed deposits, which were not disclosed in the return (income tax return) and will attract actions under the Black Money Act “.
The appraiser attacked 60 Tamil Nadu group headquarters in Chennai, Trichy (Tiruchirappalli), in various locations in Andhra Pradesh, Karnataka and Mumbai on December 9th.
While the CBDT said its actions and subsequent detections were made against a “leading business group operating in Chennai, based on information about tax evasion,” official sources identified it as the Chettinad group, about 100 years old. years.
The group is involved in commercial activities such as cement manufacturing, logistics, construction, among others, CBDT said.
“Expenditure inflation has also been identified in order to withdraw cash and also to reduce profits, revenues that have not been fully accounted for.
“There are indications of capitulation fee receipts for medical admissions to postgraduate programs,” the statement said.
The Central Council for Direct Taxes is the administrative authority for the IT department.
The statement added that “details were found about the actual financial transaction between the sought-after group and another group for the sale of three infrastructure facilities in different ports”. “Complex financial arrangements that create false debts out of their own concerns have also been seen, apparently, to reduce the capital gains resulting from this transfer,” he said. He added that capital gains of about 280 million rupees were obtained.
“Similarly, the huge inflow of capital through a network of bogus embedded transactions within the group is also under the scanner,” the statement said.
A large number of cabinets belonging to the group have been identified, which will be operated in a timely manner, even if the search is temporarily closed and investigations are still ongoing, he said.