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Coimbatore

IT Dept detects Rs 700 crore tax evasion at Chettinad Group

Covai Post Network

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The Income Tax department seized Rs 23 crore in unaccounted money and foreign assets to the tune of Rs 110 crore in the form of Fixed Deposits, post its raid last week at as many as 60 offices of the Chettinad Group in various cities.

It is being learnt that they could now enforce the Black Money Act against the Chettinad Group of Companies, which has evaded income to the tune of Rs 700 crore.

“Inflation of expenditure to take out cash and also to reduce profits, receipts not accounted fully, the bogus claim of depreciation, etc. amounting to Rs 435 crore were also identified. There are indications of capitation fee receipts for medical admissions to postgraduate programmes,” said the Income Tax department in a statement.

“During the search, details of the actual financial transaction between the searched group and another group for the sale of three infrastructure facilities at various ports were found. Complex financial arrangements creating bogus liabilities from their own concerns were also seen to be made, ostensibly, to reduce the capital gains arising out of this transfer. Capital gains amounting to approximately Rs 280 crore have been arrived at. Similarly, huge capital introduction through a web of bogus inter corporate transactions within the group is also under the scanner,” the statement read further.

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