CHENNAI: Searched properties of two businessmen after about a week AIADMK – R Chandrasekhar of Coimbatore and N Seyyadurai of Virudhunagar – in Chennai, Coimbatore and Madurai, Income tax department announced on Tuesday that it has detected Rs 500 crore unaccounted income,
The IT department said both the groups, which are run by both the companies, suppressed their taxable income over the years by claiming bogus purchases and expenses in their books of account.
Without distinguishing who is who, officials said a group of companies received back in cash payments made for fraudulent purchases, apart from squeezing a huge income due to profit sharing in joint ventures, which That is not reflected in the regular books. account.
According to the department, the second group had created several bogus entities, which were being used to claim bogus purchases and sub-contract expenses.
“Secret hideouts maintained by the group for keeping documentary and electronic records in respect of such unaccounted and bogus transactions were also searched by the search team. Evidence
In a note issued by the department, it has been said that introduction of fictitious capital and debt liabilities has also come to the fore in the accounts of some group entities.
Significantly, on July 6, IT officials had searched more than 40 premises linked to Chandrasekhar and Seyyadurai and seized several documentary and digital evidence of unaccounted income and tax evasion.
Chandrasekhar is the publisher of AIADMK mouthpiece Namadhu Amma, which is now run by? Edappadi K PalaniswamiWhereas Sayyadurai’s SKP Group was searched by the Income Tax Department in 2018, in which unaccounted cash worth Rs 170 crore and 100 kg of gold was seized.
FacebookTwitterinstagramKu APPyoutube