BHUBANESWAR: The Income Tax (IT) department on Wednesday seized Rs 200 crore during raids on property linked to various alcohol manufacturing firms in the state.
Sources in the department said searches were carried out at over half a dozen firms including M/S Shiw Ganga and Company, Boudh Distillery Pvt Ltd over alleged tax evasion. On property linked to Shiw Ganga, raids were carried out after the department received information that the company through its outlets across the state was selling country liquor without maintaining bills/vouchers for which a substantial amount of cash sales was not being accounted for in regular books of account of the firm.
The IT department officials are also investigating the company’s inconsistent and low net profits from the financial year 2019 to 2021, inflated expenses towards the purchase of mahua/other articles and suspicious other payables shown in the balance sheet, said sources. Sources said the officials also carried out raids at various places linked to Boudh Distillery over alleged tax evasion.