Thursday, March 30, 2023
  • Janam TV Malayalam
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Services
Janam TV English
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto
No Result
View All Result
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto
No Result
View All Result
Janam TV English
No Result
View All Result
  • News
  • Business
  • Defence
  • Health
Home News India

IT Department searches premises of major alcohol producer in TN: Unearth tax evasion worth Rs. 700 cr

by Janam Web Desk
Aug 11, 2019, 08:09 am IST
in India

Chennai: The Income Tax Department conducted a search and seizure operation on August 6 in the case of one of the major producers of beer and Indian Made Foreign Liquor (IMFL) in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials.

The search action was based on intelligence gathered over several months that the business group was indulging in large scale tax evasion by inflating its expenditure on materials used in its production processes. During the search action, the search teams found telltale evidence of the modus operandi of the group. The modus operandi involved over-invoicing of purchase of raw materials and bottles which constituted a major portion of the cost of production. The suppliers received payment at the inflated value by cheque or RTGS, but paid back the excess value in cash to key confidante employees of the group. The search teams gathered evidence of such over-invoicing and return of cash by suppliers. Such inflation by over invoicing amounted to suppression of taxable income of almost Rs 400 crore over a period of six years.

The search also resulted in unearthing of evidence of similar tax evasion by another leading business group in the same liquor industry. Consequently, the Department launched search operation in the case of the second group also on Friday. About seven premises of this group at Chennai and Karaikal were covered in the second phase of the search operation. The search is still in progress and the suppression of taxable income detected in this group has been estimated to be about Rs 300 crore.

Based on a tip off during the search action, the tax officers tracked down employees moving with unaccounted cash and intercepted them and recovered Rs 4.5 crore cash from the car in which they had concealed it. The search action has thus far resulted in detection of undisclosed income of Rs 700 crore which had not been disclosed for taxation.

Tags: MAIN
ShareTweetSendShare

Related News

Kerala Governor joins fast against practice of dowry
Kerala

Kerala Governor joins fast against practice of dowry

Pak LeT commander among three militants killed in Pulwama encounter
Defence

Pak LeT commander among three militants killed in Pulwama encounter

Ramesh Bais takes oath as new Governor of Jharkhand
India

Ramesh Bais takes oath as new Governor of Jharkhand

Latest News

PM pays tributes to martyrs of Pulwama

PM pays tributes to martyrs of Pulwama

PM bows to Mahatma Gandhi on his Punya Tithi

PM bows to Mahatma Gandhi on his Punya Tithi

Round Table on ‘Reaching Out – India and the SCO’ organize at SCO Film Festival

Round Table on ‘Reaching Out – India and the SCO’ organize at SCO Film Festival

Ministry of Panchayati Raj organizing one-day deliberation meet on 30th January

Ministry of Panchayati Raj organizing one-day deliberation meet on 30th January

Vice President calls upon youth to practise and follow Fundamental Duties

Vice President calls upon youth to practise and follow Fundamental Duties

Pariksha Pe Charcha 2023: PM interacts with students, teachers and parents

Pariksha Pe Charcha 2023: PM interacts with students, teachers and parents

PM shares interesting repository of mantras and activities on Pariksha Pe Charcha

PM greets citizens on Republic Day

President of India graces the inauguration of 18th National Jamboree of the Bharat Scouts and Guides in Rajasthan

President of India to confer the Pradhan Mantri Rashtriya Bal Puraskar 2023 tomorrow

  • Janam TV Malayalam
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Services

© Janam Multimedia Limited

No Result
View All Result
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto

© Janam Multimedia Limited