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

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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.

 

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Mercedes-Benz India launches the G 350 d at Rs 1.5 crore

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Mercedes-Benz India has launched the Mercedes-Benz G 350d in India at Rs 1.5 crore, ex-showroom. Globally, this is the entry-level version of the iconic SUV line but it India it complements the range-topping Mercedes-AMG G 63 which debuted last year. The G 350d is also offered with the connected car technologies that were recently launched in the country. You can read about Mercedes-Benz’s digitization programme here.

The new Mercedes-Benz G-wagon or the G 350d is powered by a 3.0-litre inline six-cylinder diesel engine. It produces 282bhp and 600 Nm of peak torque. This is the same engine, which also powers the S-Class 350d in the Indian market. The engine is BS-VI compliant from the start as well. The engine is mated to a standard 9G-Tronic automatic transmission, sending power to all four wheels. Mercedes-Benz claims that the G 350d can reach a top speed of 199 km/h while taking 7.4 seconds to sprint from 0 – 100km/h.

With bookings for the SUV starting today, the German carmaker said it will import the G 350 D as a completely built unit (CBU).

Martin Schwenk, managing director and chief executive officer, Mercedes-Benz India said the new luxury SUV offers several customisation options on the interior and the exterior of the vehicle ranging from handcrafted upholstery to more than six alloy wheel options.

Mercedes-Benz’s first luxury SUV from its G-Class portfolio was the G 55 model, which was launched in 2011 as a CBU.

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