Documents worth Rs 150 crore and Rs 5 crore in cash were seized during income tax audits in districts including Coimbatore and Erode.
According to a statement issued by Surabi Ahluwalia, Commissioner, Central Board of Direct Taxes under the Central Finance Department in Delhi, on the income tax audit in districts including Coimbatore and Erode in Tamil Nadu, a total of 22 educational institutions, contractors and related persons have been deployed in Chennai, Coimbatore, Erode and Namakkal districts in Tamil Nadu.
The Income Tax officials in the places split into separate teams and started the inspection on the 28th. This test is conducted on the information that the fees received from the students in the educational institution are not properly accounted.
Through the evidence captured at the trial, the fees were not properly accounted for. Instead, the unaccounted money is paid into the personal accounts of the trustees. Then, through a company, they have invested in the real estate sector is also confirmed. The test was conducted on an architect and a textile dealer from Tirupur who are the other shareholders of the company.
Electronic devices seized during an income tax audit are being inspected. In a test conducted on building contractors in Namakkal, the cost of labor, the cost of purchasing materials, etc. were highlighted. During the raid, documents were seized for making investments worth Rs 150 crore, without accounting. Also, Rs 5 crore cash was seized. In addition, the lockers of some banks remain unopened. Income tax audits are an ongoing processes.