Connect with us

Business

I-T raids on liquor firms in Tamil Nadu unearths ₹700 crore undisclosed income

Published

5 years ago

on

Tamil Nadu: The Income Tax (I-T) department has detected undisclosed income amounting to ₹700 crore from two liquor manufacturing groups in Tamilnadu.

According to the taxmen, there was a search-and-seize operation on August 6 at one of the major producers of beer and IMFL in Tamil Nadu. A senior I-T official, who wished anonymity, said that the distillery is SNJ Distilleries Pvt. Ltd.

The search was launched in the early hours on 55 premises in various places in Tamilnadu, including Chennai, Coimbatore, Thanjavur and also in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials.

The search was based on intelligence inputs gathered over several months. The business group had been allegedly indulging in large-scale tax evasion by inflating its expenditure on material used in its production.

During the search, the teams found evidence of the modus operandi of the group which involved over-invoicing of purchase of raw material and bottles which constituted a major portion of the production cost. The suppliers received payment at the inflated value by cheque or RTGS, but paid back the excess value in cash to key confidante employees of the group.

The search teams gathered evidence of such over-invoicing and return of cash by suppliers.

The over-invoicing amounted to suppression of taxable income of almost ₹400 crore over a period of six years.

Based on a tip-off during the search, the tax officers tracked down employees moving with unaccounted cash, intercepted them and recovered ₹4.5 crore from the car in which it was concealed.

 

Related Topics:
Continue Reading

Business

Apple is giving a huge discount on its gadgets: Details inside

Published

3 years ago

on

May 5, 2022

By

If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

Continue Reading

Trending