I-T Dept. detects undisclosed income of ₹1,000 cr. during searches on two Chennai-based groups

The Income-Tax Department has so far detected undisclosed income of over ₹1,000 crore during the searches at 27 locations in different parts of the country in connection with two Chennai-based groups into bullion trade and jewellery retail business. The searches were carried out in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Thrissur, Nellore, Jaipur and Indore March 4 onwards. The agency said one of the groups under scanner was a leading bullion trader in Tamil Nadu and the other was one of the biggest jewellery retailers in the South.