IT raids at SNJ group reveals Rs 400 crore undisclosed income

first_imgNew Delhi: The Income Tax department has recently discovered that SNJ Distillery, based in Tamil Nadu had accumulated undisclosed income of up to Rs 400 crore, an I-T investigation into the company has found.The I-T department had recently conducted searches at 55 locations of the liquor manufacturer that has been in business since 1989 in Tamil Nadu, Kerala, Andhra Pradesh and Goa. The raids were conducted at premises of promoters of the company, key employees and some suppliers of materials. Also Read – Uddhav bats for ‘Sena CM’The investigation wing of the I-T department found that SNJ Distilleries had allegedly been over-invoicing the purchase of raw materials for their business and bottles, which constitute a major portion of the cost of production. The Managing Director of SNJ Group is SN Jayamurugan, who has produced a few films where former DMK chief M Karunanidhi had written the script and is purportedly close to the party in Tamil Nadu. According to the agency, it was found that the excess money that suppliers would receive was allegedly paid back into the accounts of some trusted key employees of the company. The I-T department said that the company had amassed and suppressed around Rs 400 crore of taxable income in six years. Meanwhile, the I-T sleuths as part of their investigation also raided premises of another liquor manufacturer in Chennai and Karaikal recently, from where they found undisclosed income of around Rs 300 crore. The tax authority has said that further searches at this group’s premises are continuing.last_img

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