Follow my blog with Bloglovin
Sunday , 24 September 2017
Breaking News

I.T. raid on Gokulam Chit funds – unearthes Rs.1,100 crore tax evasion

I.T. officials who began their search in 76 locations across Tamil Nadu, Puducherry, Kerala and Bengaluru has stopped their search yesterday and said it would resume by Monday. The figures that has been unearthed during this raid has crossed Rs.1,000 crores. The Chennai based company was into chit fund and finance business and based on a tip of, the raids were conducted and we covered the news earlier when the raids began.

The amount of undisclosed income was only from it’s chit fund business and not from the hospital and a medical college which is also under the scanner now. The company has to clear the source of income failing which it has to pay penalty along with the interest.

From the total amount, ₹118 crore consisted of bad debts which has been recovered and ₹80 crore was undisclosed interest income. “The company had some bad debts, which they recovered, but did not show in their books. Similar was the issue with interest income,” the investigating officer said.

Comments are closed.

Scroll To Top
badge