Tax sleuths find Rs 1000 crore unaccounted income after raids on Chennai-based IT infra group

CHENNAI: The income tax department has detected unaccounted income of Rs 1,000 crore following searches conducted against a Chennai-based group operating in the IT infra sector at five locations in the city and Madurai.

According to the income tax department, the group IG3 Infra Limited (formerly known as Indian Green Grid Group Limited), a public incorporated firm in February 2004 which owns Chennai One IT Special Economic Zone (SEZ), also suppressed foreign income received in the form of share subscription equivalent to Rs 200 crore, which is taxable in India in the hands of the shareholder. Sleuths of the income tax department, who conducted searches on Wednesday, also unearthed evidence relating to investments in a Singapore registered company.