Income Tax Department Unearths Rs 700 Crore Of Undisclosed Income From Raids On Groups Running Liquor Businesses

The Income Tax Department has unearthed undisclosed income worth Rs 700 crore after search and seizure operations conducted at several locations, reports Asian News International (ANI).

All the locations where operation was carried out belonged to groups associated with the liquor business. The raids were carried out at 55 locations on the very same day across Tamil Nadu. Other raids took place in Goa, Kerala and Andhra Pradesh.

The entire operation was carried out on the basis of credible intelligence on massive tax evasion gathered by the authorities over a period of several months.

It was discovered during these raids that another liquor group was involved in similar tax evasion practices. Raids were therefore conducted at the new lead location on 9 August. A total of seven locations belonging to this lead business group were raided leading to recovery of Rs 300 crore approximately, taking the overall recovery in the operation to Rs 700 crore.