I-T raids on Balaji group end, Rs 110 crore cash seized
TNN | Updated: Dec 11, 2018, 13:14 IST
Representative imageCHENNAI: Searches by the income tax department in Balaji Distilleries and associate companies have come to an end after three days and Rs 54.6 crore cash has been seized. The places raided are spread across Tamil Nadu and Andhra Pradesh.
"We have completed the searches. Our raids were independent and not connected to DRI searches in a hotel. The raids were based on information about the company evading tax payments," said sources in income tax investigation wing.
The department has also found unaccounted income to the extent of Rs 110 crore, mostly due to fake bills. "The assessee had admitted to undisclosed income of Rs 110 crore on account of bogus expenses and cash generated from it," the sources said.
The searches were held on the premises of the company director and employees of the distillery among others. "None of the people from whose premises the cash was seized could give an explanation about its source and the director of the company owned up to the unaccounted cash," the sources confirmed.
In the coming days, the director and other employees will be summoned for questioning by the department.
"We have completed the searches. Our raids were independent and not connected to DRI searches in a hotel. The raids were based on information about the company evading tax payments," said sources in income tax investigation wing.
The department has also found unaccounted income to the extent of Rs 110 crore, mostly due to fake bills. "The assessee had admitted to undisclosed income of Rs 110 crore on account of bogus expenses and cash generated from it," the sources said.
The searches were held on the premises of the company director and employees of the distillery among others. "None of the people from whose premises the cash was seized could give an explanation about its source and the director of the company owned up to the unaccounted cash," the sources confirmed.
In the coming days, the director and other employees will be summoned for questioning by the department.
FROM AROUND THE WEB
more from times of india Cities
LATEST VIDEOS
City
Road rage: Youth shot dead in Delhi's Mayur Vihar01:39- Bengaluru: Man sets mother ablaze, after she denies him money00:55
- Caught on cam: Advocate's son tries to mow down traffic cop01:30
- Caught on cam: Sickle-wielding man attacks Tamil Nadu Minister OS Manian's car01:48
- Tamil Nadu: 23-year-old bank employee from Delhi gang-raped by 4 men01:14
- Telangana election: Jwala Gutta's name disappears from voters' list01:32
- Sexual misconduct: Singer Mika Singh arrested in Dubai for sending obscene messages to 17-year-old model01:01
- 19-ft cobra rescued from house in Mayurbhanj01:14
- Caught on camera: BJP leader's convoy attacked, car vandalised04:41
- Caught on cam: Student stabbed to death inside college campus in Haryana's Rohtak01:04
All Comments ()+^ Back to Top
Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred against any community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.
HIDE