Quick Summary
The Income Tax Department conducted searches on a prominent business grouplocated in Chennai on 26.02.2021. Search was conducted at 11 premises and surveys in 9 premises of the group in Tamil Nadu, Gujarat and Kolkata. This business group is engaged in the business of manufacture and sale of Tiles a
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FAQ :
The Income Tax Department conducted searches on a prominent business group in Tamil Nadu, Gujarat, and Kolkata.
The business group is engaged in the manufacture and sale of Tiles and Sanitary-ware, and is a leader in the Tiles business in South India.
Unaccounted sale and purchase of tiles were detected, with details of secret transactions unearthed through cloud-maintained software. It was found that up to 50% of transactions were out of books.
The total undisclosed income detected so far comes to Rs 220 crore, which includes Rs 100 crore of undisclosed income introduced as share premium through shell companies.
Yes, cash of around Rs 8.30 crore was found and seized during the search.
Yes, the search action is still ongoing and investigations are in progress.
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