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The Income Tax Department conducted searches on 27/11/2020 in the case of an IT SEZ developer, its ex-Director and a prominent stainless-steel supplier in Chennai. The search operation was carried out at 16 premises located in Chennai, Mumbai, Hyderabad and Cuddalore. The evidences unearthed include unaccounted assets worth about Rs. 100 crore accumulated by the ex-Director and his family members in the past 3 years. The search further unearthed that the IT SEZ developer claimed bogus work-in
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FAQ :
The searches were conducted on 27/11/2020.
The searches targeted an IT SEZ developer, its ex-Director, and a prominent stainless-steel supplier.
The search operations took place at 16 premises in Chennai, Mumbai, Hyderabad, and Cuddalore.
So far, the searches have resulted in the detection of more than Rs 450 crore in undisclosed income.
Irregularities included unaccounted assets, bogus work-in-progress expenses, bogus consultancy fees, inadmissible interest expenses, undisclosed capital gains from share sales, and cash payments in land transactions.
No, further investigations are in progress to determine undisclosed capital gains and examine other transactions.
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