Chennai: The Income Tax Department has detected unaccounted income of over Rs 300 crore after it recently raided a Tamilnadu-based group involved in manufacturing of animal feed and export of egg products, the CBDT said.
A release from the Central Board of Direct Taxes said that searches were carried out at the group, which is engaged in the manufacture of animal feed, poultry, farming, edible oils and the export of egg products.
Raids began on 27 October, covering 40 premises located in Tamilnadu, Karnataka and Kerala, during which several incriminating documents and materials in the form of electronic data were found and seized.
The seized documents indicate that the group is involved in suppressing its income in different ways such as inflating expenses, including booking bogus purchases, under-invoicing of sales and also by non-reflecting scrap/by-products sales in their regular book of accounts.
The analysis of documents further revealed that the unaccounted income generated has been utilised to invest in the acquisition of various immovable properties. The Ministry of Finance said in its release, ‘The search action has resulted in the seizure of unaccounted cash of Rs. 3.3 crore and detection of unaccounted income exceeding Rs. 300 crore. Further investigations are in progress.’