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IT Dept. claims unearthing undisclosed income of Rs 879 crores
By IndianMandarins- 12 Feb 2021
8796New Delhi (12.02.2021): The Income Tax raids in Bengaluru on February 9, 2021, that purportedly unearthed a total undisclosed income of Rs 878.82 crores involved a major liquor company Khoday Group. About 26 different locations of the company were raided throughout the country including the residence of its chief. An official release said: “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.” It added: “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.” The release further said: “In total, 35 suspected Benami properties in the names of their relatives (of company executives) and associates valued at over Rs 150 crore have been identified. There is also evidence of foreign assets in the name of a director of the group company”.
IT Dept. claims unearthing undisclosed income of Rs 879 crores
By IndianMandarins - 2021-02-12 09:35:00
New Delhi (12.02.2021): The Income Tax raids in Bengaluru on February 9, 2021, that purportedly unearthed a total undisclosed income of Rs 878.82 crores involved a major liquor company Khoday Group.
About 26 different locations of the company were raided throughout the country including the residence of its chief.
An official release said: “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.”
It added: “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.”
The release further said: “In total, 35 suspected Benami properties in the names of their relatives (of company executives) and associates valued at over Rs 150 crore have been identified. There is also evidence of foreign assets in the name of a director of the group company”.
