Monday, July 3, 2017

Syed beedi Tirunelveli firm - I-T claims Rs 162cr tax evasion

Jul 04 2017 : The Times of India (Chennai)
I-T claims Rs 162cr tax evasion by Tirunelveli beedi firm

Income tax officials claim to have unearthed unaccounted income to the tune of `161.56 crore during searches and surveys conducted on Tirunelveli-based Seyad Beedi Company on June 28. The company was searched and surveyed by the Income Tax Investigation department in various places in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana and Chhattisgarh.“After the searches in 20 premises and surveys in 43 premises, responsible persons from the company were called for questioning to corroborate the findings and seizures. We seized `5.74 crore in cash from more than 40 premises,“ a senior IT official told TOI.
The company had also allegedly fudged accounts of beedi sales to the tune of Rs 46.10 crore, said the official. The Tirunelveli-based company has interests in various other business like textiles, micro finance and school education.
“The company had created bogus purchase invoices at its tendu leaves collection centres in Chhattisgarh. The total amount in this transaction is Rs 49.5 crore. Similarly income generated from unaccounted sale of yarn and waste cotton is `8.10 crore,“ said the official.Several calls made by TOI to the beedi company to confirm the income tax department's findings went unattended.
“The group has made investments in the name of beedi workers in a group finance company . The total transaction against this head is Rs 13 crore,“ the official said.
The group is alleged to have made unaccounted investments in property and a few other sectors to the tune of `44.86 crore. “All these findings are preliminary . We are yet to go through all the seized documents,“ the official said.

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