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

COVID-19 Updates
  • World 141,334,774
    World
    Confirmed: 141,334,774
    Active: 18,245,281
    Recovered: 120,065,176
    Death: 3,024,317
  • USA 32,372,119
    USA
    Confirmed: 32,372,119
    Active: 6,886,031
    Recovered: 24,905,332
    Death: 580,756
  • India 14,788,109
    India
    Confirmed: 14,788,109
    Active: 1,801,298
    Recovered: 12,809,643
    Death: 177,168
  • Brazil 13,900,134
    Brazil
    Confirmed: 13,900,134
    Active: 1,183,384
    Recovered: 12,344,861
    Death: 371,889
  • Russia 4,693,469
    Russia
    Confirmed: 4,693,469
    Active: 268,887
    Recovered: 4,319,389
    Death: 105,193
  • UK 4,385,938
    UK
    Confirmed: 4,385,938
    Active: 112,868
    Recovered: 4,145,810
    Death: 127,260
  • Turkey 4,212,645
    Turkey
    Confirmed: 4,212,645
    Active: 533,303
    Recovered: 3,643,734
    Death: 35,608
  • Italy 3,857,443
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    Confirmed: 3,857,443
    Active: 505,308
    Recovered: 3,235,459
    Death: 116,676
  • Germany 3,137,907
    Germany
    Confirmed: 3,137,907
    Active: 282,181
    Recovered: 2,775,200
    Death: 80,526
  • Pakistan 756,285
    Pakistan
    Confirmed: 756,285
    Active: 80,559
    Recovered: 659,483
    Death: 16,243
  • China 90,499
    China
    Confirmed: 90,499
    Active: 314
    Recovered: 85,549
    Death: 4,636

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.

 

 

 

 

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