Rs 150 cr tax evasion by 2 TN based firms, says I-T dept

CHENNAI: Nearly a week after the income tax officials raided the premises of two business groups in Chennai and Madurai, the department on Thursday said that it has seized unaccounted cash of more than Rs 14 crore and gold worth over Rs 10 crore besides detecting unaccounted income of over Rs 150 crore.

The I-T sleuths carried out searches in more than 30 premises of the two business groups located in and around Madurai and Chennai on July 20.

A note from the I-T department said that one business group involved in real estate business has indulged in large scale tax evasion by accepting huge unaccounted cash by way of on-money. The group used software to maintain a parallel set of books of such unaccounted cash transactions.

The other group, which is engaged in construction contracts was involved in large scale tax evasion by debiting bogus sub-contract expenses and also by inflating purchases of various raw material through self-made vouchers.