Business

I-T dept seizes ₹8.30 crore cash from a leading Chennai-based tile company

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The Income Tax Department on Friday seized 8.30 crore cash after raiding 11 premises of a Chennai-based business group. The agency conducted searches at 11 premises of the group across Tamil Nadu, Gujarat and Kolkata. The business group is engaged in the business of manufacture and sale of tiles and sanitary-ware, finance ministry said in a statement.

“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,” the ministry said.

“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 120 crore. This is in addition to 100 crore of undisclosed income introduced by the group as share premium through shell companies,” the statement added .

A total undisclosed income of about 220 crore has been detected so far and cash of around 8.30 crore has been found and seized, it added.

“Search action is still on and investigations are in progress,” it further said.

“The Income Tax 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,” the statement sa

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