NEW DELHI : The Income Tax department has unearthed undisclosed foreign assets worth over ₹1,000 crore from the Bharat Hotels group, which runs a chain of hotels under the Lalit Hotels brand, and over ₹500 crore of undisclosed income from a Tamil Nadu-based group running educational institutions. A government official, requesting anonymity, confirmed to Mint the involvement of the Bharat Hotels group. It added that the investigation led to the detection of undisclosed foreign assets of over ₹1,000 crore, apart from domestic tax evasion of more than ₹35 crore. A case may be filed under the Black Money Act, 2015, and under the Income Tax Act, 1961. In a separate statement, the tax department said searches on a group that runs a large number of schools and colleges in Chennai and Madurai regions have led to admission of ₹532 crore as undisclosed income.

Source: Mint January 24, 2020 18:11 UTC