IT raids in 2 Chennai-based groups reveal over Rs 1,000 cr undisclosed income : CBDT
Chennai, March 7 -- The Central Board of Direct Taxes (CBDT)today said the Income Tax raids at two Chennai-based groups,including leading bullion trader in Tamil Nadu, led to the detectionof undisclosed income of more than Rs 1,000 crore.
A CBDT release here said the raids in the premises of the leadingbullion trader and one of the biggest jewellery retailers in SouthIndia also led to the seizure of Rs 1.2 crore unaccounted cash sofar.
The search operations were carried out at 27 premises located inChennai, Mumbai, Coimbatore, Madurai, Trichy, Nellore, Jaipur and Indore.
The evidences found in the premises of the jewellery retailerrevealed that the taxpayer received and repaid cash loans fromlocal financiers, had given cash loans to bu...
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