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Rs 300cr undisclosed income detected by I-T at financing syndicates
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SME Times News Bureau | 25 Sep, 2021
The Income Tax (IT) Department has detected Rs.300 crore of undisclosed
income and seized Rs.9 crore unaccounted cash during it search and
seizure operation on two private syndicate financing groups here.
The IT officials carried out their search and seizure operation at 35 premises on 23.9.2021.
According
to IT Department, the searches, so far, have resulted in the detection
of undisclosed income of more than Rs 300 crore. Unaccounted cash of Rs.
9 crore has been seized so far.
The evidence found in the
premises of the financiers and their associates revealed that these
groups have lent to various big corporate houses and businesses in Tamil
Nadu, a substantial portion of which is in cash, the IT Department
said on Saturday.
During the search, it was detected that they are charging high rate of interest, a part of which is not offered to tax.
The
modus operandi adopted by the groups revealed that most of the interest
payments by borrowers are received in dummy bank accounts and the same
has not been disclosed for tax purposes.
Further, the unaccounted
monies are disguised and brought into the books of account of the
groups as unsecured loans, sundry creditors and others.
Other
evidence found during the course of the search revealed numerous
undisclosed property investments and other income suppression by these
persons, the IT Department said.
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