Chennai: Income Tax (I-T) department has discovered unaccounted cash worth Rs 11.50 Cr and documents revealing Rs 80 crores of unaccounted income from the residence of Chandrashekhar, Treasurer of Makkal Needhi Maiam. The I-T has been searching Chandrashekhar's premises since Wednesday, as part of the surveillance operations ahead of elections in Tamil Nadu and Puducherry.
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The tax regulator has been carrying out searches at five locations in Chennai since March 16. According to I-T, the premises at which searches are held belong to five entities, who apart from their regular business are also 'cash handlers'. Following the searches, a cash of Rs 5.32 crore was seized.
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In a separate development, the I-T Department also carried out search and seizure operations on March 17 against a business group involved in yarn trading and supply of PPE equipment, bags and baby care products to various state governments. The searches were carried out in Tirupur, Dharapuram and Chennai.
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It has been revealed that the group engaged in practices of suppressing profit by inflating purchases and other expenses. Also, the income generated in such a manner was being used for making investments in land and business expansion.
