Quick Summary
Income Tax Department carried out a search and seizure operation on 20.07.2022 on two business groups; one engaged in real estate, and the other in contracts related to road and railway construction. The search operation covered more than 30 premises located in and around Madurai and Chennai. As a result of search action on these groups, a large number of incriminating evidences including documents and digital data have been found and seized. In the case of the group involved in real estate b
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FAQ :
The Income Tax Department conducted the search and seizure operation on 20.07.2022.
The operation targeted two business groups: one engaged in real estate and the other in contracts related to road and railway construction.
The search operation covered more than 30 premises located in and around Madurai and Chennai.
The real estate group was found to be accepting large amounts of unaccounted cash ('on-money') and using a software to maintain parallel books. The construction group was involved in debiting bogus sub-contract expenses and inflating purchases using self-made vouchers, with cash being returned after withdrawal.
The search operation revealed unaccounted income exceeding Rs. 150 crore.
Unaccounted cash exceeding Rs. 14 crore and unaccounted gold and jewellery valued at over Rs. 10 crore were seized.
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