Tax sleuths search biz groups in TN

Income Tax sleuths today conducted searches at 33 premises related to business groups for suspected tax evasion and links to shell companies in Tamil Nadu, a senior official said.
The raids involved four independent assesse groups including a textile firm and a company with interest in real estate.
Also a firm running a cinema house here and another company that owns a sugar factory were searched.
The operation took place this morning and covered 21 locations in the city and 12 in other parts of Tamil Nadu.
"They (assesse groups) are suspected to be involved in shell companies and tax evasion," a senior tax official told PTI here.

The searches were launched on the basis of information the income tax department received on the shell companies and data following demonetisation last year, he said.
The I-T department had recently conducted multi-city raids as part of its 'Operation Clean Money' and detected undisclosed income of Rs 1,430 crore in respect of ten assessee groups which included those linked to jailed AIADMK leader V K Sasikala, her kin and their associates.