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I-T raid on Chennai-based tiles maker
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SME Times News Bureau | 28 Feb, 2021
The Income Tax Department conducted searches on a business group engaged
in tiles and sanitary ware maker based out of Chennai, resulting in the
detection of undisclosed income worth Rs 220 crore.
A Finance
Ministry statement, which did not disclose the name of the group, said
that the search was conducted at 11 premises, and surveys were done in
nine premises of the group in Tamil Nadu, Gujarat and Kolkata on Friday,
February 26.
In the course of the search, unaccounted sale and
purchase of tiles were detected and details of unaccounted transactions
were unearthed in the secret office and the software maintained in the
cloud, it said.
"It was found that the transactions to the extent
of 50 per cent were out of books. Considering the previous turnover,
the suppression of income may be in the range of Rs 120 crore. This is
in addition to Rs 100 crore of undisclosed income introduced by the
group as share premium through shell companies," it said.
Total
undisclosed income detected so far comes to Rs 220 crore, it said,
adding that cash of around Rs 8.30 crore was also found and seized.
Search action was still on and investigations were in progress.
The
official statement said that the Income Tax Department remained
committed to track the generation of unaccounted cash and its movement
in Tami Nadu and Puducherry.
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