IT raids reveal concealed income of Rs 48 cr

Chennai, Oct 21 (UNI) The Investigation Directorate of Income Tax Department has found concealed income of Rs 48 crore and seized unaccounted cash of Rs 57 lakh and jewellery valued at Rs 27 lakh after conducting search and seizure operations at two leading fireworks manufacturers in Sivakasi and companies engaged in trading of pharmaceutical products in the city.

An official release here said more than 300 officers and staff of the department were deployed for the operations today at the fireworks manufacturers, who were also engaged in making readymade apparels and were running educational institutions.

''While 17 of the residential business premises are being searched, survey operation is in progress at 54 connected business premises, situated in Sivakasi, Erode and Chennai'', the release said.

The officers had also conducted search and seizure operation in a number of concerns engaged in manufacture and trading of pharmaceutical products in the city, Puducherry and Jammu on October 16.

In the course of the above search, incriminating evidence showing suppression of actual profits for various assessment years were found.

The unaccounted money had been used for acquiring immovable properties, it said.

''On the basis of the prima facie evidences gathered, the conealment of income in the above group of cases for various assessment years between 2003-04 to 2008-09 is likely to exceed Rs 48 crore,'' the release said.

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