While the CBDT in its statement has not named the business group, it is said the searches were carried out at the business premises of the Chettinad Group.
The group's cement company Anjani Portland Cement Ltd, a subsidiary of Chettinad Cement Corporation Pvt Ltd, in a regulatory filing said the I-T department had carried out searches at its registered office in Mumbai, corporate office in Hyderabad and at the factory in Telangana from December 9-11.
"The search operations concluded on December 11, 2020, and no irregularities have been found," Anjani Portland said.
The Chettinad Group has interests in cement, power, construction and other areas.
According to CBDT, searches were carried out in 60 premises located in Chennai, Trichy, Coimbatore and in various places in Andhra Pradesh, Karnataka and Mumbai.
The highlight of the search includes seizure of unaccounted cash of Rs 23 crore from various locations and foreign assets in the form of fixed deposits amounting to Rs 110 crore were also found.
The foreign assets were not disclosed in the tax returns and will attract action under the Black Money Act, the CBDT said.
According to CBDT, inflating expenditure to take out cash and also to reduce profits, receipts not accounted fully, the bogus claim of depreciation and others totalling Rs 435 crore, were also identified.
There are indications of capitation fee receipts for medical admissions to postgraduate programmes.
The CBDT also said during the search, details of the actual financial position between the searched group and another group for the sale of three infrastructure facilities at various ports were found.
Creation of false liabilities from their own concerns through complex financial arrangements to reduce capital gains owing to the transfer was found.
The CBDT said capital gains amounting to about Rs 280 crore have been calculated.
Last month JSW Infrastructure, part of the $12 billion JSW Group said, it has completed the acquisition of Chettinad Group's port business.
This acquisition allows the JSW Infrastructure ownership and operational control of a deep draft international coal terminal and a bulk terminal at Kamarajar Port Limited (KPL) near here as well as coal and bulk commodity terminal at New Mangalore Port Trust (NMPT).
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Similarly, huge capital introduction through a web of false inter-corporate transactions within the group is also under the scanner, said CBDT.
A large number of lockers belonging to the group have been identified, which will be opened in due course, the CBDT added.