• Download mobile app
01 Mar 2024, Edition - 3153, Friday

Trending Now

  • MNM – DMK seat sharing possible before Feb 28. Actor Kamal Hassan to leave country on Feb 29 for a film shoot.
  • Speaker Appavu accepts resignation of Congress MLA Vijayadharini.
  • Google pay to be suspended from June in America : Google
  • Unless there is reservation for dalits, it is impossible for them to contest in elections : NTK leader Seeman.


IT Dept detects Rs 700 crore tax evasion at Chettinad Group

Covai Post Network


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.

Subscribe To Our Newsletter