TN: IT Dept. seizes an unaccounted sum of Rs 21Cr from premises of a civil contractor
The Income Tax Department has seized an unaccounted sum of Rs 21-crore from the premises of a civil contractor in Tamil Nadu. The searches were carried out last Monday at the premises in 15 locations including in Erode and Chennai.
A statement by the I-T Department said the undisclosed income is estimated to be around Rs. 700 crore, which is ploughed back into real estate investments and business expansion. Out of this, the assessee admitted to having an undisclosed income of 150 crore, so far.