Business News | Income Tax Dept Raids Popular Chain of Educational Institutes
Get latest articles and stories on Business at LatestLY. The Income Tax Department said on Thursday it has conducted raids on a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad. The search operation covered more than 25 premises spread over locations in Maharashtra, Karnataka and Tamil Nadu.
New Delhi [India], March 24 (ANI): The Income Tax Department said on Thursday it has conducted raids on a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad. The search operation covered more than 25 premises spread over locations in Maharashtra, Karnataka and Tamil Nadu.
The search and seizure operation was conducted on 14th March.
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During the search, several incriminating evidences including hard copy documents and digital data have been found and seized, which reveal that substantial funds have been siphoned-off from the Trusts for the personal benefit of the group's promoters and their family members, in violation of provisions relating to claim of exemption by the Trusts under the Income-tax Act, 1961, according to a statement released by the Union Ministry of Finance.
During the search, evidences of about two dozen immovable properties located in Maharashtra, Pondicherry and Tamil Nadu have also been gathered which are either benami properties or not disclosed in the respective returns of Income. These properties have been placed under provisional attachment.
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The search also revealed evidences of borrowings on Hundi aggregating to Rs 55 crore, and their repayment in cash in the form of discharged Promissory Notes/Bills of Exchange, which were found & seized.
The search action has resulted in the seizure of unaccounted cash of Rs 27 lakh and jewellery worth Rs 3.90 crore, the Finance Ministry said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)