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IT dept unearths `suppressed income` of Rs ten crore

The Income Tax department has unearthed `suppressed income` valued around Rs 10 crore during raids on a timber retailer`s premises at Palayamkottai and Tirunelveli in Tamil Nadu.



Chennai: The Income Tax department has
unearthed `suppressed income` valued around Rs 10 crore during
raids on a timber retailer`s premises at Palayamkottai and
Tirunelveli in Tamil Nadu.

"Searches were conducted on Mar 29 and 30 at the official
and residential premises of the person, also dealing in
hardware and real estate," S Ravichandran, Additional
Director, I-T (Investigation) said.
During the search, unaccounted cash of Rs 77 lakh, jewels
worth Rs 54.89 lakh and unaccounted investment to the tune of
Rs 2.09 crore were unearthed. Also evidence for suppressed
receipts were found and approximate estimation of suppressed
income would be around Rs 10 crore, Ravichandran said in a
release.

PTI

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