NE NEWS SERVICE
NEW DELHI, NOV 2
The Income Tax Department announced on Tuesday that they carried out search and seizure operations in the state of Tamil Nadu against a group which was engaged in the manufacturing of animal feed, poultry farming, edible oils and export of egg products. The search operations on the group were initiated on 27 September 2021 and covered 40 premises in Tamil Nadu, Karnataka and Kerala.
The Income Tax Department seized several documents, including electronic data in the form of pen drives and hard disks. The Ministry of Finance said in its official release that those seized documents indicated that the group was involved in suppressing its income by inflating expenses including booking bogus purchases along with under-invoicing of sales and also by non-reflecting scrap/by-products sales in the regular books of accounts.
The analysis of documents further revealed that the unaccounted income generated has been utilised to invest in the acquisition of various immovable properties.
The Ministry of Finance said in its release, “The search action has resulted in the seizure of unaccounted cash of Rs. 3.3 crore and detection of unaccounted income exceeding Rs. 300 crore. Further investigations are in progress.”
