CHENNAI/NEW DELHI: In one of the biggest seizures by the Income Tax (IT) department, tax sleuths have seized Rs 163-crore cash and about 101-kg bullion, following raids at multiple premises of a road construction firm in Tamil Nadu.
The firm has admitted to tax evasion and has owned up the money and bullion as its own and come forward to pay tax, penalty and the return, tax department sources told PTI in Chennai.
The searches that began yesterday at the premises of Ms SPK and Company, a partnership firm engaged in roads and highways construction on contract from the Government is drawing to a close at all the 20 plus locations in Tamil Nadu.
“About Rs 163 crore cash, which is suspected to be unaccounted, and bullion and gold jewellery weighing about 100 kg have been seized so far. The raids are still going on,” a senior official of the IT department said. (AGENCIES)
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