Chennai, Nov 2 (BPNS)
The Income Tax department has seized unaccounted money worth Rs 300 crore on raids from the premises of reputed animal feed manufacturer, SKM company. A statement from the Central Board of Direct Taxes on Tuesday said that the raids were conducted on the premises of the company since October 27.
The group is mainly engaged in the manufacture of animal feed, poultry farming, edible oil, and the export of egg products. The raids, according to the statement commenced from October 27 and covered 40 premises of the industrial groups situated in Tamil Nadu, Kerala, and Karnataka.
The Central Board of Direct Taxes (CBDT) in the statement said that during the raids several incriminating documents including electronic data were seized. The seized data revealed that the group was involved in suppressing the details of its actual income by inflating expenses as also booking bogus purchases.
Under invoicing of sales and noninclusion of revenue through the sale of scrap and by-products sale were also found during the raids, the statement said.
The statement also said that the group had purchased several immovable properties and invested in such projects using the unaccounted money.
Search led to the seizure of unaccounted cash for Rs 3.3 crore from the premises, the statement from the CBDT said.
