A Tamil Nadu based group running multiple educational institutions was raided by the Income tax department which led to tax evasion of Rupees 150 crore.
According to the Central Board of Direct Taxes (CBDT) the searches were conducted at 22 premises in Coimbatore, Erode, Chennai and Namakkal of the group and their associates, including a civil contractor on Wednesday.
CBDT said that cash worth of rupees 5 crore has been seized while the search is still continuing and some lockers are yet to be operated. It told that action was taken on the basis of the information received regarding the fact that the fees taken from the students was “not fully accounted for” in the regular books of account.
By- Bhavya Chaturvedi