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IT SLEUTHS DETECT SOFTWARE THAT HIDE SALES AT SHOWROOMS
In a year that registered a record seizure of Rs 27.34 crore worth of valuables and cash, the Income Tax investigation wing has stumbled upon software used by jewellery showrooms to hide actual sales details.
Director general (investigations) of IT P Ranganathan told reporters that some big jewellery showrooms in the city were using software called Cadmium that allowed them to selectively suppress details of accounts. "This software provides the users with an option to disclose only part of the actual sales made.
It also facilitates deletion of unaccounted sale entries in the stock data and the data thus deleted cannot be retrieved at all.
The jewellers are using this software for both sales and stock accounting," Ranganathan said.
The Income Tax department has shown an improvement in its performance compared to last year's, seizing Rs 27.24 crore worth of valuables and cash. Hard cash accounted for Rs 14.30 crore.
The IT investigation team carried out 22 search operations between April 08 to February 09 in Tamil Nadu and Puducherry and had executed 128 warrants.