<p>Income Tax searches on two popular companies in Tamil Nadu whose interests range from jewellery to textiles have unearthed suppressed sales to the tune of over Rs 1,000 crore over a period of several years by “manipulating” their books of accounts.</p>.<p>The owners of the two companies are understood to be related to each other, and details about their suppression of sales, and obtaining bogus bills were found during the recent raids at premises owned by the firms. The companies’ stores are located in Chennai, Coimbatore, Madurai, and Tirunelveli, while sleuths raided 37 premises related to them on December 1.</p>.<p>Both the firms are market leaders in textile and jewellery sectors.</p>.<p>The first group, according to I-T Department, had been actively involved in systematically suppressing sales by manipulating their books of accounts, and this was revealed in documents seized during the raid.</p>.<p>“The extent of suppression of sales is found to be more than Rs 1,000 crore, over a period of several years. It was also found, that, the assessee had made unaccounted cash purchases of about Rs 150 crore in the textile division and jewellery division, during the past few years,” an Income Tax department official said.</p>.<p>As far as the second group is concerned, incriminating material seized during the search, has revealed that the assessee group had obtained bogus bills from a set of parties to the tune of Rs 80 crore and thereby suppressed taxable Income.</p>.<p>“Evidence relating to the unaccounted purchases of gold have also been gathered. Besides, the assessee group is found to be debiting inflated making charges of jewellery. In addition, unaccounted rental receipts and the unaccounted scrap sales aggregating to Rs 7 crores have also been detected,” the official added.</p>.<p>During the searches at premises belonging to the two groups, cash of Rs 10 crore and jewellery/bullion worth about Rs 6 crore was recovered.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>Income Tax searches on two popular companies in Tamil Nadu whose interests range from jewellery to textiles have unearthed suppressed sales to the tune of over Rs 1,000 crore over a period of several years by “manipulating” their books of accounts.</p>.<p>The owners of the two companies are understood to be related to each other, and details about their suppression of sales, and obtaining bogus bills were found during the recent raids at premises owned by the firms. The companies’ stores are located in Chennai, Coimbatore, Madurai, and Tirunelveli, while sleuths raided 37 premises related to them on December 1.</p>.<p>Both the firms are market leaders in textile and jewellery sectors.</p>.<p>The first group, according to I-T Department, had been actively involved in systematically suppressing sales by manipulating their books of accounts, and this was revealed in documents seized during the raid.</p>.<p>“The extent of suppression of sales is found to be more than Rs 1,000 crore, over a period of several years. It was also found, that, the assessee had made unaccounted cash purchases of about Rs 150 crore in the textile division and jewellery division, during the past few years,” an Income Tax department official said.</p>.<p>As far as the second group is concerned, incriminating material seized during the search, has revealed that the assessee group had obtained bogus bills from a set of parties to the tune of Rs 80 crore and thereby suppressed taxable Income.</p>.<p>“Evidence relating to the unaccounted purchases of gold have also been gathered. Besides, the assessee group is found to be debiting inflated making charges of jewellery. In addition, unaccounted rental receipts and the unaccounted scrap sales aggregating to Rs 7 crores have also been detected,” the official added.</p>.<p>During the searches at premises belonging to the two groups, cash of Rs 10 crore and jewellery/bullion worth about Rs 6 crore was recovered.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
