TN distillery searches lead to Rs 110 Cr undisclosed income
Searches by income tax sleuths at multiple premises of a leading Tamil Nadu-based distillery here has led to detection of an 'undisclosed' income to the tune of Rs 110 crore, IT department sources said on Monday.
By : migrator
Update: 2018-12-10 17:32 GMT
Chennai
The search operations were conducted for three days from December 7.
The assessee had admitted to undisclosed income of Rs 110 crore on account of 'bogus' expenses and cash generated from it, income tax investigation sources claimed.
Over Rs 54 crore of unaccounted cash was seized on Saturday, they told PTI.
Acting on a tip-off about suspected tax evasion by the alcoholic beverage firm, income tax officials conducted searches at 12 premises belonging to the director and employees of the distillery.
None of the persons from whose premises the cash was found and seized could give any explanation about its source and the director of the company owned up the unaccounted cash, the sources added.
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