Quick Summary
The Income Tax Department carried out search and seizure operation on a major liquor manufacturer group based in Bengaluru on 09.02.2021 at 26 different locations across India. This group has huge land bank which is being developed into residential and commercial properties with a builder based in Bengaluru. The searches have resulted in detecting incriminating evidences relating to concealment of income of more than Rs. 692.82 crore on account of Joint Development Projects with a major builder
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FAQ :
The main target was a major liquor manufacturer group based in Bengaluru.
The total detected undisclosed income amounts to Rs. 878.82 crore (approximately £878 million).
Undeclared income was detected from joint development projects with a builder, fraudulent claims of expenses, unaccounted sales from a liquor manufacturing plant, and bogus expenses in business entities.
Yes, 35 suspected benami properties in the names of relatives and associates, valued at over Rs. 150 crore (approximately £150 million), were identified.
Yes, there was evidence of foreign assets found in the name of a director of the group company.
The search and seizure operation took place on 09.02.2021 at 26 different locations across India.
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