Chennai: Search for income tax at textile and jewelry stores, owned by two groups, in Tamil Nadu revealed that the company was not collected with cash and gold worth several crores rupees.
The department seized Rs 10 Crore Cash and Gold worth RS 6 Crore from both groups.
A total of 37 places in Chennai, Coimbatore, Madurai and Tirunelveli are covered by the I-T department in this search operation earlier this month.
In terms of the first group, documentary documents and other materials are confiscated during a search that shows that they have been actively involved in systematic proprietary sales by manipulating their account books.
The sales level of sales was found more than Rs 1,000 Crore, for several years.
It was also found that they asked them to make countless cash purchases around Rs 150 Crore for the past few years, according to official releases on Tuesday.
Evidence collected from the location of the second group revealed that it had obtained a fake bill worth 80 crore from a series of parties to reduce taxable income.
Calculated gold-related evidence is also collected, released added.
In addition, the group was found to debt the increase in jewelry costs.
Receipt of countless rent and sales of aggregate memos until RS 7 Crore has also been detected.
Further investigation is underway.
I-T dept takes countless cash, gold in TN
