Image Source : FILE PHOTO Income Tax division conducts searches at two teams of civil contractors in Tamil Nadu.
The Income Tax Department carried out search and seizure operations on March 3 on two teams of civil contractors in Southern Tamil Nadu. Searches and surveys have been performed in 18 premises primarily in Madurai and Ramnad districts.
Based on intelligence inputs concerning the existence of money, which is prone to be distributed for election functions, searches have been mounted on the enterprise teams. The motion resulted within the discovering of unaccounted money of Rs. 3 crore which was seized.
Other findings embrace the identification of the truth that the assessee is reserving bogus bills below numerous heads to cut back the earnings. The declared earnings have been lower than 2 per cent of the turnover, when in precise accounts the earnings exceeded 20 per cent.
Similarly, greater than 100 subcontractors have been launched to e book bills to satisfy unlawful funds, and on-money funds for property purchases.
These subcontractors launched, had filed returns of revenue from the identical IP handle, and for the primary time ever, displaying solely this receipt as their sole revenue.
As a results of the search, unaccounted revenue of Rs. 175 crore has been detected and unaccounted money of Rs. 3 crore has been seized. Further investigations are in progress.
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