I-T Raids On SKM Group Of Enterprises, Undeclared Income Of Rs 300 Crore Was Discovered

During search and seizure operations against the SKM group of enterprises engaged in the manufacture of animal feed, poultry farming, edible oils, and the export of egg products in Tamil Nadu, the Income Tax Department discovered unaccounted income totaling over Rs 300 crore.

During the search operations, the Income Tax Department also seized unaccounted cash worth Rs 3.3 crore, according to the department. On October 27, a search warrant was issued for 40 locations in Tamil Nadu, Karnataka, and Kerala.

According to an Income Tax spokesperson, several incriminating documents and materials in the form of electronic data have been found and seized during the search operation.

According to a Revenue Tax release, the confiscated records suggest that the unaccounted income was invested in the acquisition and building of numerous immovable assets, as well as utilised to fulfil undeclared costs.

These seized documents indicate that the group is involved in suppressing its income by different ways such as inflating expenses including booking bogus purchases, under-invoicing of sales and also by non-reflecting scrap/by-products sales in the regular books of accounts.