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The Income-Tax Department conducted a search on a leading educational institution group based in Tamil Nadu and discovered undisclosed income of over ₹500 crore.
“The search has resulted in the seizure of around ₹2 crore of unaccounted cash. Out of the unaccounted income detected so far, the group has admitted to ₹532 crore as undisclosed income,” a statement by the I-T Department said.
The group runs a large number of schools and colleges in the Chennai and Madurai region. Search and survey operations were carried out at 64 places across the State.
During the search, there were evidences of fee collected from students under various nomenclatures, which were received in cash and not accounted for; , besides cash receipts not accounted for.
There was evidence of loans and interest repaid in cash, which were taken in cash for making unaccounted investments. These receipts were utilised for buying properties by paying on-money, the department said.
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