The investigators also seized around Rs 5.5 crore unaccounted cash and other details of undeclared investment in Dubai.
Reserve Bank of India's dividends are set to halve this year to Rs 307 billion (0.2 per cent of Gross Domestic Product) estimated the DBS.
Chennai: Raids and searches by income tax officials at premises belonging to Sayed Beedi Company continued for the second day on Thursday with I-T sources saying that they had detected a tax evasion of '90 crore by the company for the last few years.
The investigators also seized around Rs 5.5 crore unaccounted cash and other details of undeclared investment in Dubai. “Raids are not yet over and it would continue till Friday evening. The company had parked lot of funds abroad,” an income tax source said.
( Source : Deccan Chronicle. )
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