CHENNAI: The Income Tax department detected unaccounted income exceeding Rs 300 crore during search and seizure operations against the SKM group of companies engaged in the manufacture of animal feed, poultry farming, edible oils and export of egg products in Tamil Nadu.
The Income Tax department said that during the search operations, they also seized unaccounted cash worth Rs 3.3 crore. The search action was initiated on October 27, covering 40 premises in Tamil Nadu, Karnataka and Kerala.
According to an Income Tax spokesperson, several incriminating documents and materials in the form of electronic data have been found and seized during the search operation.
These seized documents indicate that the group is involved in suppressing its income by different ways such as inflating expenses including booking bogus purchases, under-invoicing of sales and also by non-reflecting scrap/by-products sales in the regular books of accounts.
The analysis of seized documents also shows that the unaccounted income generated has been invested in acquisition and construction of various immovable properties and also used to meet unaccounted expenses, according to an Income Tax release.