Black Money worth Rs 220 Crore recovered after raids on Chennai-Based Company
The Income Tax Department has detected black money of about ₹ 220 crore after it raided a leading tiles and sanitaryware manufacturer
Chennai, 28/2: The Income Tax Department has detected black money of about ₹ 220 crore after it raided a leading tiles and sanitaryware manufacturer based in Chennai. The Central Board of Direct Taxes (CBDT) confirmed the news on Sunday.
The raid was carried out on February 26. A total of 20 premises in Tamil Nadu, Gujarat, and Kolkata were searched and surveyed, said CBDT.
The CBDT said in a statement that ₹ 8.30 crore cash was seized during the raids on the group engaged in the business of manufacture and sale of tiles and sanitaryware. The group is the “leader” in the tiles business in south India.
“In the course of search, unaccounted sale and purchase of tiles were detected. Details of unaccounted transactions were unearthed in the secret office and the software maintained in the cloud,” it claimed.
It was found that the transactions to the extent of 50 percent were out of books, the statement claimed.
“Considering the previous turnover, the suppression of income may be in the range of ₹ 120 crore. This is in addition to ₹ 100 crore of undisclosed income introduced by the group as share premium through shell companies,” it claimed.
“Total undisclosed income detected so far comes to ₹ 220 crore,” the CBDT alleged.
