9911796707
TMI BlogIncome Tax Department conducts searches in BengaluruX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Department conducts searches in Bengaluru X X X X Extracts X X X X X X X X Extracts X X X X ..... sed in Bengaluru. The searches have resulted in detecting incriminating evidences 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 fraudulently claimed expenses amounting to ₹ 86 crore. In respect of their liquor business, unaccounted sales amounting to ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 74 crore have been detected from one of their liquor manufacturing plants based in Kerala. The group companies have also claimed bogus expenses of ₹ 17 crore in their business entities.The Directors of the group have incurred unexplained expenditure of ₹ 9 crore attracting the provisions of Section 69C of Income-tax Act,1961. There are large number of investments made in benami proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties in the names of their employees and associates for several years. In total 35 suspected benami properties in the names of their relatives and associates valued at more than ₹ 150 crore have been identified. There are also evidences of foreign assets in the name of a director of the group company. In all, the search and seizure action has resulted in the detection of total undisclosed i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome of ₹ 878.82 crore.
Further investigations are in progress. X X X X Extracts X X X X X X X X Extracts X X X X
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