October 28, 2021

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I-T detects Rs 1,000 crore black money after raids on Chennai info tech infra group


“The shareholding of this company is held by two companies, one owned by the group searched while the other company is a subsidiary of a major infrastructure development and financing group,” the CBDT said.
The Income Tax department has conducted searches against a Chennai-based IT infrastructure group and detected Rs 1,000 crore alleged black money and possible instances of holding of benami assets, the Central Board of Direct Taxes (CBDT) said on Saturday.

It said the raids were carried out on November 4 at five locations in Chennai and Madurai in Tamil Nadu.

“The searches had led to the detection of unaccounted income of around Rs 1,000 crore out of which disclosure of additional income of Rs 337 crore has already been made by the assessee, besides actionable issues under the Benami and Black Money Acts,” the board said in a statement.
The CBDT is the administrative authority for the Income Tax department.

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