TMI BlogIncome Tax Department conducts search on an Educational Group in ChennaiX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Department conducts search on an Educational Group in Chennai - News and Press Release Dated:- 13-11-2019 - News - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 11th November, 2019 PRESS RELEASE Income Tax Department conducts search on an Educational Group in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chennai On 07.11.2019, the Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polytechnic institutes, dental college, nursing colleges, hospitals schools. The gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... up has interests in other sectors like fishing harbor, cement, milk, bottled water and iron steel etc. There were reports of the group accepting fee/donations in cash, which were largely unaccounted and of the funds of the trust being diverted to other sister concerns. The action began on 7/11/2019 covering 32 premises in and around Chennai. During the search proceedings, evidence of su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppression of fee receipts has been found. In addition, one group entity has adopted the modus operandi of showing the actual fees received as advance fee collection in the liability side of the balance sheet and advancing the said amounts as payments , mainly, to its sister concerns against certain expenses/purchases, which were found to be inflated/ bogus. Thus, the money of the trusts is found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be diverted outside the trusts for the objects outside the scope of Trust. Apart from the above, evidences have been found of unexplained cash debits, unrecorded cash expenditure, suppression of sale receipts in fishing harbor, loans advanced in cash, non-disclosure of income from sale of property etc. Cash of approximately ₹ 5 crore and Jewelry of more than about ₹ 3 cror ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was seized in the said action. The preliminary estimate of the undisclosed income of the group detected so far is more than ₹ 350 crore. The search proceedings have been temporarily concluded and investigations into the findings are in progress. (Surabhi Ahluwalia) Commissioner of Income Tax (Media Technical Policy) Official Spokesperson, CBDT. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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