Income tax

Income Tax Department Researches Tamil Nadu

The Department of Income Taxes conducted search and seizure operations in Tamil Nadu in the case of a group engaged in the manufacture of animal feed, poultry farming, edible oils and the export of egg products. . The search action in the group was launched on October 27 covering 40 premises located in Tamil Nadu, Karnataka and Kerala.

“During the search operation, several incriminated documents and materials in the form of electronic data were found and seized. These seized documents indicate that the group is involved in suppressing its income through various channels such as inflating expenses. , including the reservation of false purchases., by under-invoicing of sales and also by not reflecting sales of scrap metal / by-products in the regular accounting books. Analysis of the documents seized also shows that the non-revenue recorded thus generated were invested in the acquisition and construction of various buildings and also incurred to meet unrecognized expenses “, indicates an official press release. The research action resulted in the seizure of unrecognized cash of Rs 3 , 3 crore and the detection of unrecorded income exceeding Rs 300 crore.

Further investigations are in progress. (ANI)

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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