Unaccounted sale and purchase of tiles: IT dept detects Rs 220 crore black income after raids on TN-based tiles manufacturer

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Unaccounted sale and purchase of tiles: IT dept detects Rs 220 crore black income after raids on TN-based tiles manufacturer

The Income Tax Department has detected undisclosed income of about Rs 220 crore after it raided a leading tiles and sanitary ware manufacturer based in Chennai.
 A total of 20 premises in Tamil Nadu, Gujarat and Kolkata were searched and surveyed.
 Rs 8.30 crore cash was seized during the raids.
 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.
Authorities say that transactions to the extent of 50 per cent were out of books. Considering the previous turnover, the estimates indicate a suppression of income in the range of Rs 120 crore.
 Allegedly, Rs 100 crore of undisclosed income was introduced by the group as share premium through shell companies.

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