Friday, Mar 29 2024 | Time 02:52 Hrs(IST)
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India


IT raids unearth assets worth Rs 100 cr

IT raids unearth assets worth Rs 100 cr

New Delhi, Nov 29 (UNI) The Income Tax Department conducted multiple searches on November 27 in the case of an IT SEZ developer and a prominent stainless-steel supplier in Chennai and unearthed evidences of asset of worth about Rs 100 crore accumulated by the ex-Director and his family members in the past three years.
The search operation was carried out at 16 premises located in Chennai, Mumbai, Hyderabad and Cuddalore.
According to Income Tax Department, the searches revealed that the IT SEZ developer claimed bogus work-in-progress expenses of about Rs 160 crore in an under-construction project. The entity had also claimed capital expenses of around Rs 30 crore on account of bogus consultancy fees in an operational project and inadmissible interest expenses to the extent of Rs 20 crore was also claimed by the entity.

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