Discrepancies noticed in the documents seized; assessment of evasion yet to be made
CHENNAI: In a major crackdown on one of the biggest licensed transporters of quarried sand in Tamil Nadu, officers of the Income Tax (Investigation Wing) carried out raids on seven premises and 13 stockyards in Coimbatore, Erode, and the Karur belt on Wednesday.
Highly placed Income Tax sources told The Hindu on Thursday that they acted after gathering Intelligence on the Coimbatore-based businessman.
"The department found discrepancies in the documents seized and we are yet to make assessments of the tax evasion. We are also looking at several banking transactions, especially issuance of demand drafts and cash transactions involving his family members."
The income tax department was also examining investments made by the group of companies in 100 trucks.
The "surveys and searches" began at 9 a.m. on Wednesday and went on till early Thursday. Over 100 officers were involved in the operation.