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TN educational group admits Rs 532 cr undisclosed income

Friday - January 24, 2020 9:56 pm , Category : EDUCATION
Chennai, Jan 24 (IANS) The Income Tax Department on Friday said that it has seized Rs 2 crore and also found Rs 532 crore as undisclosed income after raidng a group running educational institutions here and in Madurai.
"The search was conducted at the office of the Trust, residences of the trustees and key employees of the group. The charitable trusts are running a medical college and hospital, engineering colleges and schools across Tamil Nadu. Search and survey operations were carried out at 64 places across the state," an official statement said.
According to the statement, the search resulted in the seizure of Rs 2 crore of unaccounted cash.
"Out of the unaccounted income detected so far, the group has admitted an amount of Rs 532 crore as its undisclosed income. The searches have concluded temporarily and further investigations are in progress," the statement said.
According to the statement, during the search, evidences were unearthed of fee collected under various nomenclatures from students of engineering colleges and schools run by the group, which were received in cash and not accounted for. Cash receipts were also not accounted for in the hospital account.
Loans and interest were seen repaid in cash which were earlier taken in cash for the purpose of unaccounted investments. These receipts were utilised for the purchase of properties by paying on-money.

--IANS vj/arm