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Income tax dept conducts searches in Tamil Nadu, Goa

PTI New Delhi
Updated: 12-10-2019 21:56 IST
Income tax dept conducts searches in Tamil Nadu, Goa

The income tax department has conducted search operations in Tamil Nadu and Goa to crack down on evaders. According to an official statement issued on Saturday, search action on October 11 in the case of a business group based in Namakkal, Tamil Nadu was undertaken.

The group is mainly into running of educational institutions, and coaching institutes for competitive exams like NEET, etc. The search operation covered 17 premises, including residential properties of the group's promoters. The premises are located in Namakkal, Perundurai, Karur and Chennai in Tamil Nadu, it said.

Besides, it said, the department carried out search operation on October 10 covering six premises of two groups involved in the sale-purchase of hotel resort in Goa. The search resulted in seizure of undisclosed assets of Rs 4.39 crore comprising undisclosed cash of Rs 2.55 crore and jewellery/valuables worth Rs 1.84 crore, the statement added.

The groups made a disclosure of a total amount of Rs 124.41 crore, representing undisclosed income and also committed to pay taxes immediately. With regard to Tamil Nadu case, it said, significant amount of cash was found in a safe inside an auditorium in a school premise.

Unaccounted cash of about Rs 30 crore has been found and seized, the statement added. The unaccounted receipts are deployed for acquiring immovable properties as personal investments, which are then leased for long-term to the trust for expanding to other towns.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)