£45 mn undisclosed income detected

The Income-tax department has detected undisclosed income of £45 million after it searched an IT SEZ developer, its former director and a stainless steel supplier based in Tamil Nadu, the CBDT said. The searches were carried out at 16 premises in Chennai, Mumbai, Hyderabad and Cuddalore on November 27, it said. "The searches, so far, have resulted in the detection of undisclosed income of more than £45 millione," the Central Board of Direct Taxes (CBDT) said in a statement. In the case of the ex-director of the information technology special economic zone (IT SEZ), the taxman unearthed evidences of about £10 millione "accumulated by the person and his family members in the past 3 years." "The search further unearthed that the IT SEZ developer claimed bogus work-in-progress expenses of about £16 million in an under-construction project," the statement said.