Income Tax raid in Tamil Nadu, 175 cr. unaccounted cash detected
Income Tax raid in Tamil Nadu, 175 cr. unaccounted cash detected
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On Wednesday, Income Tax official raid in Tamil Nadu. As assembly election is going to held in states several cases from Income tax is being reported. Here also Income Tax officials seized Rs 3 crore and detected unaccounted cash to the tune of Rs 175 crore from a group of civil contractors in southern TN. Here it is to be noted that the seizure followed after search operations in 18 premises, mainly in Madurai and Ramanathapuram districts, based on inputs that the cash is likely to be distributed for election purposes, said a release.

For your information let us share that in 18 premises search operations, the officials found that the contractors had entered bogus expenses under various heads to reduce the profits. However, it is noted that the declared profits were less than 2 per cent of the turnover, when it actually exceeded 20 per cent, said an I-T department spokesperson. The release added, over 100 subcontractors were also engaged to register expenses to meet illegal payments.

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