The Income Tax Department has detected unaccounted income of over ₹300 crore during the raid carried out at SKM Group of companies, from October 27.
A release from the Central Board of Direct Taxes said that searches were carried out at the group, which is engaged in the manufacture of animal feed, poultry, farming, edible oils and the export of egg products. Raids began on October 27, covering 40 premises located in Tamil Nadu, Karnataka and Kerala, during which several incriminating documents and materials in the form of electronic data were found and seized. The seized documents indicate that the group is involved in suppressing its income in different ways such as inflating expenses, including booking bogus purchases, under-invoicing of sales and also by non-reflecting scrap/by-products sales in their regular book of accounts.
The analysis of seized documents also shows that unaccounted income generated has been invested in acquisitions and construction of various immovable properties and also in meeting of unaccounted-for expenses. The search has resulted in the seizure of unaccounted-for cash of ₹3.3 crore and the detection of unaccounted-for income exceeding ₹300 crore, the release added.
