AGENCIES
Income Tax Department has carried out searches at 22 premises in Tamil Nadu on a group engaged in the running of educational institutions and their associates, including a civil contractor.
Central Board of Direct Taxes, CBDT said, the search was carried out yesterday on the basis of information that fees collected from students were not fully accounted for in the regular books of accounts. It said, the evidences found during the search reveal that the allegations regarding suppression of fees received are true and the unaccounted receipts are siphoned off to the personal accounts of the trustees, which in turn are invested in real estate through a company.
CBDT said, the search has revealed unaccounted investments and on-money payments to the extent of around 150 crore rupees. Cash amounting to five crore rupees has been seized. Some lockers are yet to be operated.