CHENNAI: The Income Tax department has unearthed undisclosed income of Rs 220 crore following a raid on a leading Chennai-based tiles and sanitary ware manufacturer. According to a spokesperson of the Central Board of Direct Taxes (CBDT), Income Tax sleuths conducted searches at 11 premises, and surveys at nine premises of the group in Tamil Nadu, Gujarat and Kolkata on Friday.
Unaccounted sales and purchases of tiles were detected, and details of unaccounted transactions were unearthed from a secret office and from software maintained in the cloud. “It was found that transactions to the extent of 50 per cent were out of the 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,” the spokesperson said in a statement. The statement added that cash worth about Rs 8.30 crore was found and seized, and searches are still underway. The department said it is prepared to check and monitor the role of money in influencing voters, and remains committed to track the generation of unaccounted cash and its movement in Tami Nadu and Puducherry.