During a surveillance operation to ensure a fair election in Tamil Nadu, the Income Tax Department seized more than Rs 5 crore in cash in Chennai.
These five locations are connected to five businesses that, in addition to their daily operations, also serve as Cash Handlers. A cash seizure of Rs 5.32 crore was rendered as a result of the operation.
Separately, the Income Tax Department conducted search and seizure operations on a business group engaged in yarn trade and the supply of PPE kits, bags, and Baby care kits to various State Governments on March 17, 2021. The searches took place in eight locations in Tirupur, Dharapuram, and Chennai.
The searches revealed that the community is engaged in the practice of inflating transactions and other expenditures in order to suppress profit. The unaccounted income generated is used to make land investments and expand the company.
The search resulted in the seizure of unaccounted cash worth Rs.11.50 crore, bringing the total amount of unaccounted income discovered to Rs.80 crore. More research is being carried out.
The seizure of large amounts of unaccounted cash would help achieve the goal of a free and fair election in Tamil Nadu by reducing the likelihood of it being used for electoral purposes. The Income Tax Department has increased its surveillance and is keeping a close eye on cash movement during the upcoming assembly elections.
For investment related articles, business news and mutual fund advise
You have already subscribed