The recent searches and surveys conducted by the Income Tax Investigation wing on well-known institutions throughout the State in the last two months had netted a taxable income of over Rs.150 crore.
Since May 2013, search and surveys were conducted on the premises of GRT group, SRM group of institutions and Tiruchi-based Lion Dates Impex for concealing income over a period of time. All these firms had failed to disclose income of close to Rs.470 crore, according to the department.
According to official sources, search was conducted at seven places belonging to Lion Dates on July 17. The 24-hour operation by over 100 IT officials led to the unearthing of Rs.35 crore in unaccounted income for the last three years and the company is liable to pay tax of Rs.15 crore. “The search is over, but investigations are on. It will go on for a month. Income to the tune of about Rs.35 crore has escaped the attention of IT department. The company adopted a specific type of method to value its stocks at the time of production and manufacturing, which we do not agree. However, the final figure will be known in the next few days. We seized only some documents,” the sources said.
Searches conducted on the GRT group confirmed tax evasion of Rs.235 crore, on which the company agreed to pay taxes of Rs.80 crore. In the case of SRM group of institutions, the extent of evasion was around Rs.200 crore, a sum that would mean a tax of Rs.60 crore.
The tax search on GG Hospital in November 2011 yielded Rs.20 crore in tax on alleged evasion to the tune of Rs.70 crore, an official said. For the current year, the department has set itself a target to expose undisclosed income of Rs.2,000 crore from various tax payers.
