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IT division finds undisclosed earnings exceeding ₹200 crore in searches throughout TN

The Earnings Tax division has detected an undisclosed earnings exceeding ₹200 crore in varied searches throughout Tamil Nadu. It seized undisclosed money of ₹26 crore and unaccounted gold jewelry exceeding ₹three crore on August 2 searches from sure producers, distributors and financiers related to the movie trade at 40 places in Chennai, Madurai, Coimbatore and Vellore.

A number of incriminating paperwork and digital proof regarding unaccounted money transactions and investments had been seized throughout which secret and hidden premises had been additionally unearthed, a division press launch mentioned.

The searches within the case of movie financiers had revealed paperwork like promissory notes regarding unaccounted money loans superior to varied manufacturing homes and others. On manufacturing homes, evidences reveal tax evasion on the books of account of movie releases . The unaccounted earnings had been deployed as investments and thru varied funds.

Equally, the proof seized within the circumstances of movie distributors point out assortment of unaccounted money from the theatres. The distributors have shaped syndicates and have systematically suppressed the theatre collections, ensuing within the non-disclosure of precise earnings.

Additional investigation is in progress, the discharge mentioned.

Revealed on

August 06, 2022

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