HUL board approves merger with GlaxoSmithKline Consumer Healthcare; values total business at Rs 31,700 crore.
Taxmen raid TN distillery, seize over Rs 54 crore cash
Chennai, Dec 8 (PTI): Income Tax sleuths Saturday seized
over Rs 54 crore of unaccounted cash during searches at
multiple premises of a leading Tamil Nadu based distillery
Acting on a tip off about suspected tax evasion and
backed up by days of spadework related to the company, income
tax officials conducted searches at 12 premises belonging to
the Director and employees of the distillery.
"Over Rs 54 crore of unaccounted cash was seized
following the searches. None of the persons from whose
premises the cash was found and seized could give any
explanation about its source.
The director has owned up the unaccounted cash," a top
tax investigation official told PTI.
Further administrative processes related to the cash
seizure is on.
The searches were launched on Friday.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)