Income Tax Department conducts search operations in Tamil Nadu

RELEVANT EXTRACT 

The Income Tax Department has carried out search and seizure  operations on 01.12.2021 in respect of 2 groups engaged in the Retail Sales of  Jewellery, Textiles and Home Appliances through their popular chain of Stores in  Chennai, Coimbatore, Madurai and Tirunelveli. A total of 37 premises were  covered in this action.

In the case of the first group, seized documents and other incriminating  materials gathered during the course of the search have revealed, that, the  assessee had been actively involved in systematically suppressing sales by  manipulating their books of accounts. The extent of suppression of sales is found  to be more than Rs. 1000 crore, over a period of several years. It was also  found, that, the assessee had made unaccounted cash purchases of about Rs.  150 crore in textile division and jewellery division, during the past few years.

In respect of the second group, incriminating material seized during the  course of search, has revealed that the assessee group had obtained bogus bills  from a set of parties to the tune of Rs. 80 crore and thereby suppressed  taxable income. Evidences relating to the unaccounted purchases of goldhave  also been gathered. Besides, the assessee group is found to be debiting inflated  making charges of jewellery. In addition, unaccounted rental receipts and the  unaccounted scrap sales aggregating to Rs. 7 crore have also been detected.

The searches on the two groups have led to a seizure of cash of Rs.10  crore and jewellery/ bullion worth about Rs. 6 crore.

Further investigations are under progress.

Source – https://www.incometaxindia.gov.in/

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