Tamil Nadu: IT department discovers unrecorded investment of around Rs 150 crore, research is still ongoing

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Income tax officials identified unrecorded investments and cash payments to the tune of around Rs 150 crore and seized cash in the amount of Rs 5 crore from ongoing searches at 22 premises from Tamil Nadu.

Searches of the educational institution and its associates, including a civilian contractor, began on Wednesday and were carried out in Coimbatore, Erode, Chennai and Namakkal.

Since research is still ongoing, the final numbers are expected to be higher than what is currently reported.

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According to a statement by the Income Tax Service, research is carried out on the basis of information that fees collected from students were not fully accounted for in ordinary books of account.

“The evidence found during the search reveals that the allegations regarding the removal of fees collected are true and that the unrecorded receipts are siphoned from the personal accounts of the trustees, who in turn are invested in real estate through ‘a business,’ the statement read.

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The company’s other shareholders, such as an architect from Tiruppur and a textile businessman have also been covered and electronics seized during the searches are being examined, the income tax service said. .

In the case of the civilian contractors of Namakkal, there was an inflation of the expenditure by recording false expenses under the charges for labor, purchase of materials, etc. The research led to the identification of unrecorded investments and cash payments to the tune of approximately Rs.150 crore. Cash in the amount of Rs. 5 crore was seized. Some lockers have yet to be exploited, the statement concludes.

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