Tax raids on CCD find Rs 650 cr concealed income

Bengaluru: The Income Tax Department raids on Cafe Coffee Day (CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized, said an official on Sunday.

“Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore,” a senior tax official told IANS here.

The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT and other areas.

“The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure,” said another tax official in an e-mail to IANS.

The raids were conducted under the directions and supervision of the Income Tax Department’s Investigation Cell Director-General B.R. Balakrishnan.

The corporate office of the Amalgamated Bean Coffee (ABC) Trading Company, which runs the CCD’s retail outlets across the country, its branch offices at Chikkamagaluru, Mudigere and Sakeleshpur in Karnatakas’ Malnad region were also searched during the exercise.

“Though we have found and seized a number of documents related to properties, business transactions and other dealings, they are subject to scrutiny for violations, if any,” added the official.

Download the U4UVoice App Now:

Leave a Reply

Your email address will not be published. Required fields are marked *