New Delhi: As part of the election surveillance across poll-bound states, Income Tax Department raided five premises on Tuesday (March 16, 2021) in Chennai ahead of the Tamil Nadu and Puducherry assembly elections. The team seized Rs 5.32 crore from the sites.
The Ministry of Finance on Friday (March 19, 2021) released a statement and said that these five premises raided by the Income Tax Department belong to five entities, who, in addition to their regular business, are also acting as Cash Handlers. The IT department seized Rs 5.32 crore from the sites.
Meanwhile, In a separate development, the Income Tax Department carried out search and seizure operations on Wednesday (March 17) on a business group engaged in yarn trading and supply of PPE kits, bags and Baby care kits to various State Governments. The searches were conducted in eight premises at Tirupur, Dharapuram and Chennai.
The searches revealed that the group is engaged in the practice of suppressing profit by inflating purchases and other expenses. The unaccounted income so generated is utilized for making investments in land and expansion of the business.
Seizure of large unaccounted cash will reduce the possibility of its utilisation for electoral purposes and will aid the objective of a free and fair poll in the State of Tamil Nadu. The income tax department has stepped up its monitoring and is closely watching the cash movement during the ensuing assembly elections.