IT excavates Rs 435 crore from mosquito web firm premises | Chennai information

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CHENNAI: In a search of a Karur-based mosquito net maker, the income tax department uncovered undisclosed income of Rs.435 billion. After three days of searching, the department seized 32.6 billion rupees in cash piled in cabinets and boxes. The department found 10 kg of gold during the searches on the premises of Shobika Impex. The company exports mosquito nets to various countries, especially Africa. “We started researching under Section 132 of the IT Act on November 15th. Based on news that the company was engaged in tax evasion, searches were carried out on 20 of the company’s premises, including homes, factories and offices, “CBDT spokesman Surabhi Ahluwalia said in a statement.
The main finding of the search was that the company had systematically increased its expenses with forged or fabricated invoices. The statement went on to say, “By entering such non-existent expenses in its ledger, the company and its promoters have suppressed the company’s real income over the years. ”
In response to the CBDT statement, company MD M Sivasamy said it was wrong to say that the searches revealed Rs.435 billion in undisclosed income. “We’ll explain to the IT department if we’re asked to appear in front of them. It is wrong to say that we have so much undisclosed income, ”Sivasamy told TOI.

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