Rs 220 Crore In Black Money Detected After Raids On Chennai-Based Company

Transactions to the extent of 50 per cent had been out of books, the assertion claimed (Representational)


The Earnings Tax Division has detected undisclosed earnings of about Rs 220 crore after it raided a number one tiles and sanitaryware producer primarily based in Chennai, the Central Board of Direct Taxes (CBDT) mentioned.

The motion was carried out on February 26 and a complete of 20 premises in Tamil Nadu, Gujarat and Kolkata had been searched and surveyed, it mentioned.

The CBDT mentioned in a press release that Rs 8.30 crore money was seized throughout the raids on the group engaged within the enterprise of manufacture and sale of tiles and sanitaryware. The group is the “chief” in tiles enterprise in south India.

“In the middle of search, unaccounted sale and buy of tiles had been detected. Particulars of unaccounted transactions had been unearthed within the secret workplace and the software program maintained within the cloud,” it claimed.

It was discovered that the transactions to the extent of 50 per cent had been out of books, the assertion claimed.

“Contemplating the earlier turnover, the suppression of earnings could also be within the vary of Rs 120 crore. That is along with Rs 100 crore of undisclosed earnings launched by the group as share premium by way of shell corporations,” it claimed.

“Whole undisclosed earnings detected to this point involves Rs 220 crore,” the CBDT alleged.

The assertion issued late Saturday night time mentioned the searches had been on.

The Central Board of Direct Taxes (CBDT), that frames coverage for the tax division, in the meantime, mentioned it was absolutely ready to verify and monitor the function of cash in influencing voters.

The division stays dedicated to trace the era of unaccounted money and its motion in Tamil Nadu and Puducherry, it mentioned.

Meeting polls to Tamil Nadu and Puducherry might be held in a single section on April 6.

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