Tamil Nadu - Coimbatore   

Income tax survey detects cases of undisclosed wealth

Staff Reporter

Focus on real estate and manufacturing

Coimbatore: The recent surveys by the Income Tax Department have resulted in the detection of undisclosed income close to Rs. 17 crores, fetching a tax income of Rs. 5 crores.

This was stated in a press release issued by the Income Tax Department, here on Tuesday.

Areas

The areas of focus of the surveys by the Department were largely in the areas of business activities such as real estate transaction, manufacturing sector and windmill activities.

These surveys had resulted in the detection of substantial additional income not so far disclosed to the department for tax purposes.

Detected

In three cases of assesses engaged in the business of erection of windmills, untaxed income to the tune of Rs. 6 crores was detected and the tax implication was Rs. 2 crores.

In building construction business activities, the surveys resulted in the detection of undisclosed income of approximately Rs. 7.5 crores.

In addition to this, these income tax surveys resulted in the detection of a number of sub-contractors who had not been filing income tax returns so far.

In some cases, the surveys were conducted in respect of waste cotton, iron scrap merchants, and those involved in dyeing and yarn manufacturing, besides trading in handlooms.

In some cases, officials detected false claims of deductions and expenses, the release said.

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