The Income Tax Department conducted searches on a prominent business group located in Chennai on 26.02.2021. Search was conducted at 11 premises and surveys in 9 premises of the group in Tamil Nadu, Gujarat and Kolkata. This business group is engaged in the business of manufacture and sale of Tiles and Sanitary-ware and are leaders in Tiles business in South India.
In the course of search, unaccounted sale and purchase of tiles were detected. Due to the efforts of the search team, details of unaccounted transactions were unearthed in the secret office and the software maintained in the cloud. In fact, it was found that the transactions to the extent of 50% 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 companies.
Total undisclosed income detected so far comes to Rs. 220 crore. Cash of around Rs 8.30 crore was also found and seized.
Search action is still on & investigations are in progress.
The Department is fully prepared to check and monitor the role of money in influencing voters. It remains committed to track the generation of unaccounted cash and its movement in Tami Nadu and Puducherry.
