The Income Tax Department has detected unaccounted income of over Rs 300 crore after it recently raided a Tamil Nadu-based group involved in manufacturing of animal feed and export of egg products, the CBDT said on Tuesday. Forty premises of the unnamed group in Tamil Nadu, Kerala and Karnataka were searched on October 27.
The group is also engaged in poultry farming and manufacturing of edible oil. ”Seized documents indicate that the group is involved in suppressing its income by different ways such as inflating expenses including booking bogus purchases, by under-invoicing of sales and also by non-reflecting scrap/by-products sales in the regular books of accounts.”
”The analysis of documents also shows that unaccounted income so generated has been invested in acquisition and construction of various immovable properties and also incurred in meeting unaccounted expenses,” the CBDT said in a statement.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The search action, it said, has resulted in seizure of unaccounted cash of Rs 3.3 crore and detection of unaccounted income exceeding Rs 300 crore.
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