Income Tax Department has detected undisclosed income of over Rs 870 crore after it raided a Bengaluru-based liquor manufacturing group, Kodays on Feb 9
The searches were carried out on at 26 locations across the country
The income tax officials stated that the liquor group had a huge land bank which was being developed into residential and commercial properties with a builder based in Bengaluru
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 based in Bengaluru: CBDT
The group companies have fraudulently claimed expenses amounting to Rs 86 crore: CBDT
In respect of their liquor business, unaccounted sales amounting to Rs 74 crore have reportedly been detected from one of their liquor manufacturing plants based in Kerala
The group companies have reportedly also claimed bogus expenses of Rs 17 crore in their business entities
A total of 35 suspected benami properties in the names of the relatives of the promoters of the group and associates, valued at more than Rs 150 crore, have been identified: CBDT
