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Income Tax Department conducts searches in Tamil Nadu
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SME Times News Bureau | 29 Oct, 2020
The Income Tax Department has carried out searches at 22 premises in
Tamil Nadu's Coimbatore, Erode, Chennai and Namakkal on a group engaged
in the running of educational institutions and their associates,
including a civil contractor.
The search was carried on Wednesday
on the basis of information that fees collected from students were not
fully accounted for in the regular books of accounts.
A statement
issued by the Union Ministry of Finance said, "The evidence found
during the search revealed that the allegations regarding suppression of
fees received are true and the unaccounted receipts are 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, viz., an architect from Tirupur and a textile businessman were
also covered. Electronic devices seized during the course of search were
being examined.
"During the searches in the case of the civil
contractors from Namakkal, inflation of expenditure by booking bogus
expenses under labour charges, material purchase, etc. has been found,"
said the statement.
The search has led to identification of unaccounted investments and on-money payments to the extent of around Rs 150 crore.
"Cash
amounting to Rs 5 crore has been seized. Some lockers are yet to be
operated. Search is still continuing," said the Ministry.
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