IT raid at various companies in Tamil Nadu, 450 crore seized
IT raid at various companies in Tamil Nadu, 450 crore seized
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The searches carried out on November 27 at 16 premises in Chennai, Mumbai, Hyderabad and Cuddalore of an Tamil Nadu based  IT SEZ developer, its former director and a stainless steel supplier has detected undisclosed income of Rs 450 crore, the Income-tax department has said on Sunday. The seizure includes unaccounted assets worth about Rs. 100 crore accumulated by the ex-Director and his family members over a 3 year period time.  

"The searches, so far, have resulted in the detection of undisclosed income of more than Rs 450 crore," the Central Board of Direct Taxes (CBDT) said in a statement. The CBDT is the administrative authority for the Income tax department. A cliam of bogus work-in-progress expenses of about Rs. 160 crore in an under-construction project was also found. Additionally, a bogus consultancy fee of around Rs. 30 crore under capital expense in an operational project and inadmissible interest expenses to the extent of Rs. 20 crore claimed by the entity was also unearthed. 

The share sale of the entity by its shareholders, a resident and a non-resident entity, which directed its investment through a Mauritius intermediary, for about Rs. 2300 crore in FY 2017-18. The capital gains out of this sale transaction were not disclosed to the department. Investigation is in progress on the undisclosed capital gains, land transactions involving cash payments and another issue relating Compulsory Convertible Debentures. The searches in Stainless-steel supplier premises reveals accounted; unaccounted and partly-accounted sales of which first two type of sale accounts more than 25% of the total sales each year. The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 450 crore. Further investigation are in progress says the CBDT. 

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