Chennai: The earnings tax division on Friday stated it had seized unaccounted money of Rs 11.5 crore and unearthed unaccounted earnings of Rs 80 crore after search and seizure operations on Wednesday at a enterprise group in Tirupur, Dharapuram and Chennai.
The I-T division stated the enterprise group was engaged in yarn buying and selling and provide of non-public protecting tools (PPE) kits, baggage and child care kits to numerous state governments. “The searches revealed that the group is engaged within the observe of suppressing revenue by inflating purchases and different bills. The unaccounted earnings so generated is utilized for making investments in land and growth of busines,” the I-T division assertion.
I-T searches have been additionally carried out at 5 premises in Chennai of 5 totally different entities, which resulted in money seizure of Rs 5.32 crore.
The I-T division stated seizure of huge portions of unaccounted money would scale back the potential for its utilization for electoral functions and would help the target of free and honest polls in Tamil Nadu.