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IT raids unearth evidence of concealment of income of more than Rs 692.82 crore
New Delhi, February 12, 2021
The Income Tax Department said on Thursday that it had carried out search and seizure operation on a major liquor manufacturer group, resulting in unearthing of allegedly incriminating evidence relating to concealment of income of more than Rs 692.82 crore on joint development projects with a major builder based in Bengaluru.
This group has a huge land bank which was being developed into residential and commercial properties with the builder, an official press release said.
The raids were carried out on February 9 at 26 different locations across India, it said.
According to the release, the group companies have also fraudulently claimed expenses amounting to Rs 86 crore. In respect of their liquor business, unaccounted sales amounting to Rs 74 crore have been detected from one of their liquor manufacturing plants in Kerala, it said.
The group companies have also claimed bogus expenses of Rs 17 crore in their business entities, the release alleged.
"The Directors of the group have incurred an unexplained expenditure of Rs 9 crore attracting the provisions of Section 69C of Income-tax Act,1961.
"A large number of investments were made in Benami properties in the names of their employees and associates for several years. In total, 35 suspected Benami properties in the names of their relatives and associates valued at more than Rs 150 crores have been identified. Evidence of foreign assets in the name of a director of the group company was also unearthed.
"In all, the search and seizure action has resulted in the detection of total undisclosed income of Rs 878.82 crore. Further investigations were in progress," the release addded.