IT Dept finds Rs 450 cr undisclosed income during search across four cities

IT SEZ developer, ex-director of the company and a stainless-steel supplier are on the radar

A recent search conducted by the Income Tax (IT) Department's in 16 premises across Chennai, Mumbai, Hyderabad and Cuddalore, resulted in the detection of an undisclosed income of more than Rs 450 crore. 

The search was conducted in the case of an IT SEZ developer, its ex-director and a "prominent" stainless-steel supplier from Chennai. The Department did not disclose the names.

According to the Department, an unaccounted assets worth Rs 100 crore accumulated by the ex-Director and his family members in the past three years were unearthed during the search. Besides, the IT SEZ developer claimed bogus work-in-progress expenses of