Summary:
CHENNAI: Searches by the income tax department in Balaji Distilleries and associate companies have come to an end after three days and Rs 54.6 crore cash has been seized. The raids were based on information about the company evading tax payments," said sources in income tax investigation wing.The department has also found unaccounted income to the extent of Rs 110 crore, mostly due to fake bills. The places raided are spread across Tamil Nadu and Andhra Pradesh "We have completed the searches. Our raids were independent and not connected to DRI searches in a hotel. "The assessee had admitted to undisclosed income of Rs 110 crore on account of bogus expenses and cash generated from it," the sources said.The searches were held on the premises of the company director and employees of the distillery among others..