Chennai: The Income Tax Department has found undisclosed income of about ₹ 220 crores after it raided leading tiles and sanitaryware manufacturer in Chennai, the Central Board of Direct Taxes (CBDT) said.
The searches were carried out on February 26 and a total of 20 premises in Tamil Nadu, Gujarat and Kolkata were raided, it said.
The CBDT said in a statement that ₹ 8.30 crore cash was seized during the raids on the group engaged in the business of manufacture and sale of tiles and sanitaryware. The group is the 'leader' in tiles business in south India.
"In the course of the search, unaccounted sale and purchase of tiles were detected. Details of unaccounted transactions were unearthed in the secret office and the software maintained in the cloud," it claimed.
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It was found that the transactions to the extent of 50 per cent were out of books, the statement claimed.
"Considering the previous turnover, the suppression of income may be in the range of ₹ 120 crores. This is in addition to ₹ 100 crores of undisclosed income introduced by the group as share premium through shell companies," it claimed.