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State News

Oct 12, 2019
6:16PM

Income Tax Department conducts searches on coaching institutes in Tamil Nadu

@IncomeTaxIndia
The Income Tax Department conducted searches on coaching institutes in Namakkal, Tamil Nadu and seized unaccounted cash of about 30 crore rupees. The searches were conducted yesterday in the case of a business group based in Namakkal. The group is mainly into running of educational institutions and coaching institutes for competitive examinations. 

In a statement, the Central Board of Direct Taxes said, a significant amount of cash was found in a safe inside an auditorium in the main school premises. 

The agency said, based on preliminary findings, undisclosed income of the group is estimated at more than 150 crore rupees. The searches covered 17 premises, including residential premises of the group's promoters. The premises are located in Namakkal, Perundurai, Karur and Chennai in Tamil Nadu.
 

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