National

I-T searches at liquor group reveal ₹878 crore undisclosed income

Our Bureau Bengaluru | Updated on February 12, 2021

The Income Tax Department carried out a search and seizure operation on a major Bengaluru-based liquor manufacturer group on February 9, at 26 locations across the country. The action has resulted in the detection of total allegedly undisclosed income of ₹878.82 crore.

According to a CBDT release, the searches revealed evidence relating to concealment of income of more than ₹692.82 crore on account of joint development projects with a major builder based in Bengaluru.

Also, the group companies have allegedly “fraudulently claimed” expenses amounting to ₹86 crore. Unaccounted sales amounting to ₹74 crore have been detected from one of its liquor manufacturing plants in Kerala. They have also claimed bogus expenses of ₹17 crore and directors of the group have incurred unexplained expenditure of ₹9 crore attracting the provisions of Section 69C of Income-tax Act, 1961.

The release said, 35 suspected benami properties valued at more than ₹150 crore have been identified. There is also evidence of foreign assets in the name of a director of the group company. Further investigations are in progress.

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Published on February 12, 2021
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