Bengaluru, Feb 12 (IANS): Raids by Income-Tax (I-T) Department sleuths on a major liquor manufacturing group in the city resulted in unearthing almost Rs 879 crore of concealed income, an official said on Thursday.

"Search and seizure action has resulted in detecting undisclosed income of Rs 878.82 crore from the liquor manufacturing group in Bengaluru," said a spokesperson of the Central Board of Direct Taxes (CBDT) in a statement here.

The statement, however, did not name the liquor group, whose premises in 26 different locations across the country were raided on February 9.

Representational image

"The searches have resulted in detecting incriminating evidence relating to concealment of Rs 692.82 crore from joint development projects with a major city-based builder," said the statement.

The raids found the group firms fraudulently claiming Rs 86 crore as expenses.

"Unaccounted liquor sales valued at Rs 74 crore were detected from one of the group's plants in Kerala," said the official.

The group firms have claimed Rs 17 crore as bogus expenses in their entities.

"The group's directors incurred Rs 9 crore as unexplained expenditure, attracting section 69C of the Income-Tax Act, 1961," said the statement.

The day-long operation also found that the liquor group had invested in 'benami' properties in the names of its employees and associates over the years.

"In all, 35 suspected benami properties valued at Rs 150 crore were identified. Evidence of foreign assets in the name of a group company director was found during the exercise," said the official.

Further investigation is in progress, added the statement.