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IT raids on leading tile, sanitaryware company, Rs 8.30 cr seized English.Lokmat.com

IT raids on leading tile, sanitaryware company, Rs 8.30 cr seized

The Income Tax Department on Friday seized Rs 8.30 crores in cash after conducting searches in 11 places across Tamil Nadu, Gujarat and Kolkata on a business group that leads in the manufacture and sale of tiles and sanitaryware.
IT raids on leading tile, sanitaryware company, Rs 8.30 cr seized

The Income Tax Department on Friday seized Rs 8.30 crores in cash after conducting searches in 11 places across Tamil Nadu, Gujarat and Kolkata on a business group that leads in the manufacture and sale of tiles and staryware.

As per a statement, surveys have also been conducted in nine places cash from the business group based in Chennai.

Unaccounted sale and purchase of tiles have been detected and details of unaccounted transactions were unearthed in the secret office and the software maintained in the cloud.

"It was found that the transactions to the extent of 50 per cent were out of 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 compes," the statement quoted an official spokesperson of the Central Board of Direct Taxes.

A total undisclosed income of about Rs 220 crore has been detected so far and cash of around Rs 8.30 crore has been found and seized.

Further investigation is underway.

( With inputs from ANI )

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