<p>The Income Tax department said on Tuesday it detected over Rs 500 crore worth of undisclosed income while searching premises owned by, or linked, to two of Tamil Nadu’s top contractors. Both are said to have close connections with top AIADMK leadership.</p>.<p>Although the I-T department did not name the contractors, sources told <em>DH </em>that Seyyadurai and Chandrasekar were raided last week. This is the second time Seyyadurai has come under the I-T radar.</p>.<p>Seyyadurai is considered close to AIADMK interim general secretary Edappadi K Palaniswami, while Chandrasekar is a key aide of former minister S P Velumani. Chandrasekar is also the publisher of Namadhu Amma, AIADMK’s mouthpiece.</p>.<p>Seyyadurai and Chandrasekhar, the both, are involved in civil contracts, real estate, and advertising—among other businesses—the I-T department said. Over 40 locations, linked to the two, in Chennai, Coimbatore and Madurai, were searched last week.</p>.<p>“During the course of the search operations, various incriminating documentary and digital evidence have been seized. The preliminary examination of such evidence indicates that both these groups have been suppressing their taxable income by claiming bogus purchases and expenses in their books of account over the last few years,” an official said.</p>.<p>In one of the groups, it was revealed that payments made for these bogus purchases were being received back in cash by the group. In addition, there was evidence that indicated suppression of huge income on account of sharing of profits in joint ventures, which was not reflected in the regular books of account, the official added.</p>.<p>In the case of the second group, the I-T sleuths found that it had created a number of bogus entities which were being used to claim bogus purchases and sub-contract expenses.</p>.<p>“Secret hideouts, maintained by the group for keeping documentary and electronic records in respect of such unaccounted and bogus transactions, were also discovered by the search team. Evidence showing introduction of bogus capital and loan liabilities in the books of account of some group concerns have also been unearthed,” the official said.</p>.<p>The undisclosed income of the groups detected so far is estimated at more than Rs 500 crore, a statement from the I-T said.</p>
<p>The Income Tax department said on Tuesday it detected over Rs 500 crore worth of undisclosed income while searching premises owned by, or linked, to two of Tamil Nadu’s top contractors. Both are said to have close connections with top AIADMK leadership.</p>.<p>Although the I-T department did not name the contractors, sources told <em>DH </em>that Seyyadurai and Chandrasekar were raided last week. This is the second time Seyyadurai has come under the I-T radar.</p>.<p>Seyyadurai is considered close to AIADMK interim general secretary Edappadi K Palaniswami, while Chandrasekar is a key aide of former minister S P Velumani. Chandrasekar is also the publisher of Namadhu Amma, AIADMK’s mouthpiece.</p>.<p>Seyyadurai and Chandrasekhar, the both, are involved in civil contracts, real estate, and advertising—among other businesses—the I-T department said. Over 40 locations, linked to the two, in Chennai, Coimbatore and Madurai, were searched last week.</p>.<p>“During the course of the search operations, various incriminating documentary and digital evidence have been seized. The preliminary examination of such evidence indicates that both these groups have been suppressing their taxable income by claiming bogus purchases and expenses in their books of account over the last few years,” an official said.</p>.<p>In one of the groups, it was revealed that payments made for these bogus purchases were being received back in cash by the group. In addition, there was evidence that indicated suppression of huge income on account of sharing of profits in joint ventures, which was not reflected in the regular books of account, the official added.</p>.<p>In the case of the second group, the I-T sleuths found that it had created a number of bogus entities which were being used to claim bogus purchases and sub-contract expenses.</p>.<p>“Secret hideouts, maintained by the group for keeping documentary and electronic records in respect of such unaccounted and bogus transactions, were also discovered by the search team. Evidence showing introduction of bogus capital and loan liabilities in the books of account of some group concerns have also been unearthed,” the official said.</p>.<p>The undisclosed income of the groups detected so far is estimated at more than Rs 500 crore, a statement from the I-T said.</p>
