Quick Summary
The Income Tax Department carried out searches on 14.12.2020 in a group case from Erode in Tamil Nadu, covering 15 premises at Erode and Chennai. The group is a leading civil contractor for Government works, specialised in erecting Seawave breaks along the coastlines and diversified into bus transport, running marriage halls and food masala business. The highlight of the search is seizure of Rs. 21 crore of unaccounted cash. It was found that the group indulges in inflation of purchases and o
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1999
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FAQ :
The searches were carried out on 14.12.2020.
The searches took place at 15 premises in Erode and Chennai, Tamil Nadu.
The group is a leading civil contractor for government works, specialising in erecting Seawave breaks, and has diversified into bus transport, marriage halls, and food masalas.
A significant amount of £21 crore in unaccounted cash was seized.
The search resulted in the detection of around £700 crore of unaccounted income.
Yes, the assessee has admitted to having undisclosed income of £150 crore so far.
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