Speed Post News Network
New Delhi : The Income-Tax (I-T) Department carried out search and seizure operations in Tamil Nadu in the case of a group engaged in the manufacturing of animal feeds, poultry farming, edible oils, and export of egg products. The search action on the group was initiated on October 27, 2021, covering 40 premises located in Tamil Nadu, Karnataka, and Kerala.
During the course of the search operation, several incriminating documents and materials in the form of electronic data were found and seized. These seized documents indicate that the group is involved in suppressing its income by different ways such as inflating expenses including booking bogus purchases, by under invoicing of sales, and also by non-reflecting scrap/by-products sales in the regular books of accounts.
The analysis of seized documents also shows that unaccounted income so generated has been invested in acquisition and construction of various immovable properties and also incurred on meeting unaccounted expenses. The search action has resulted in seizure of unaccounted cash of Rs. 3.3 crore and detection of unaccounted income exceeding Rs 300 crore. Further investigations are in progress., according to a PIB release.