Cooking oil manufacturer Kaleesuwari refinery pvt ltd which also owns cracker brand Cock has been found evading taxes to a tune of Rs.90 crores. They company had admitted to the evasion and has come forward to pay the tax along with the penalty which will go above 100%. The tax was evaded for a period of close to 53years.
After receiving the tip off regarding misappropriation of funds and no proper maintenance of records, raids were conducted at 54 places for four days last week which saw some 540 officers were involved in the operation with 10 officers searching in each spot.. Important documents have been seized, sources said.
The raids were conducted simultaneously in Chennai, Madurai, Dindigul, Coimbatore, Palani and Puducherry among other places where the officials verified the company’s balance sheet and the receipts and expenditure of the last two to three years.
Kaleesuwari Refinery Private Limited is the manufacturer of popular cooking oil brand Gold Winner Sunflower Oil and Eldia Pure Coconut Oil. In the wake of black money creation by tax evasion, Central Govt has come strong by taking action and conducting raids across the State which also saw more than 1,000 crore tax evasion by Gokulam Chits P Ltd just a couple of weeks back on his alleged connection with a politician.