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More on TIAM House deal

In the sale of TIAM House, the Income Tax Department in Chennai was able to net Rs.26 crore as tax for the cash deal of a little over Rs.100 crore.

Highly-placed IT department sources told The Hindu here on Tuesday that this benchmark deal was one of the single largest tax collections effected by the department.

Meanwhile, with regard to the detection of huge cash withdrawals under the Banking Cash Transaction Tax, introduced last year by Finance Minister P. Chidambaram, IT department officials detected that a Coimbatore-based businessman was involved in the money laundering of Rs.3 crore.

T.S. Shankar

T.S. Shankar

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