Pramesh S Jain
The Income Tax (I-T) Department that carried out search and seizure operations on a major liquor manufacturer group based in Bengaluru on Tuesday has detected a total undisclosed income of Rs 878.82 Crore with benami properties in the name of the company director and employees.
The Income Tax Department has detected and unearthed undisclosed income of over Rs 870 Crore after it raided a Bengaluru-based liquor manufacturing group,Khodays on Feb 9.
The searches were carried out on at 26 locations across the country.
An official release said that the group has a large land bank that is being developed into residential and commercial properties with a Bengaluru-based builder.
“The searches have unearthed incriminating evidence relating to concealment of income of over Rs 692.82 crore on account of Joint Development Projects with a major builder based in Bengaluru.Also, the group companies have fraudulently claimed expenses amounting to Rs 86 crore,” the release stated.
Searches have resulted in detecting incriminating evidences relating to concealment of income of more than Rs 692.82 Crore on account of joint development projects with a major builder based in Bengaluru.
“In their liquor business,unaccounted sales amounting to Rs 74 Crore have been detected from one of their liquor manufacturing plants in Kerala.The group companies have also claimed bogus expenses of Rs 17 Crore.
The Directors of the group have incurred an unexplained expenditure of Rs 9 Crore attracting the provisions of Section 69C of Income-tax Act,1961,” it said.
The group companies have reportedly also claimed bogus expenses of Rs 17 Crore in their business entities
A total of 35 suspected benami properties in the names of the relatives of the promoters of the group and associates, valued at more than Rs 150 crore,have been identified.
