The Income Tax Department discovered unrecognized income in excess of Rs 870 crore after raiding the major Bengaluru-based liquor manufacturing company, CBDT said on Thursday.
On 09.02.2021, the Income Tax Department carried out a search and seizure operation at a large liquor manufacturer company headquartered in Bengaluru at 26 separate locations throughout India.
This company has a huge land bank which is being developed into residential and commercial properties with a builder based in Bengaluru.
The searches lead to the finding of incriminating facts leading to the concealment of profits of more than Rs. 692.82 crore on behalf of the Joint Development Ventures with a big builder located in Bengaluru. In addition, the group firms have wrongly claimed expenditures amounting to Rs. 86 crore.
"In respect of their liquor business, unaccounted sales amounting to Rs 74 crore have been detected from one of their liquor manufacturing plants based in Kerala. The group companies have also claimed bogus expenses of Rs 17 crore in their business entities," it said.
According to the CBDT official release:
- 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.
- There has been a substantial amount of investments made in benami properties in the name of their workers and associates for many years.
- A total of 35 alleged Benami properties were found in the names of their families and associates estimated at more than Rs. 150 crores.
- There is also evidence of international investments under the name of the director of the group company.