I-T dept finds 'incriminating evidences' of financial irregularities against Chennai firm

The Income Tax Department on Tuesday said it has found "certain incriminating evidence indicative of tax evasion and financial irregularities" against a group based out of Chennai and Tiruchirapalli.

Without naming the company or the person involved, the tax department said "as part of such investigation, searches under section 132 and surveys under section 133A of the Income-tax Act, 1961 are being conducted at the residential and business premises of the key functionaries of the group".

It further re-iterated that "searches and surveys have been conducted strictly as per the provisions of the Income Tax Act. There is no collateral purpose behind such actions and no political person or his family member are today shareholders or directors of the companies searched or surveyed by the Income Tax Department."

It is to be mentioned here that the Enforcement Directorate (ED) and Income Tax Department have today raided firms owned by Karti Chidambaram, son of former finance minister P. Chidambaram.

Speaking with Business Today, ED sources confirmed the report that office premises of two firms - Vasan Eye Care and Advantage Strategic Consulting - are being searched. However, he did not give further details if the enforcement agency found any evidence of financial irregularity during the raids.