I-T raids on B’luru liquor group detect Rs 879 cr hidden income

Bengaluru, Feb 11 : Raids by Income-Tax (I-T) Department sleuths on a major liquor manufacturing group in the city resulted in unearthing almost Rs 879 crore of concealed income, an official said on Thursday.
“Search and seizure action has resulted in detecting undisclosed income of Rs 878.82 crore from the liquor manufacturing group in Bengaluru,” said a spokesperson of the Central Board of Direct Taxes (CBDT) in a statement here.
The statement, however, did not name the liquor group, whose premises in 26 different locations across the country were raided on February 9.
“The searches have resulted in detecting incriminating evidence relating to concealment of Rs 692.82 crore from joint development projects with a major city-based builder,” said the statement.
The raids found the group firms fraudulently claiming Rs 86 crore as expenses.
“Unaccounted liquor sales valued at Rs 74 crore were detected from one of the group’s plants in Kerala,” said the official.