The I-T officials reportedly said that Siddhartha, he admitted to concealing income worth crores.
During the raids, the I-T sleuths found Rs 650 crore undisclosed income from the documents seized, said an official on Saturday. The three-day searches concluded today. Tax officials had raided Mr Siddhartha's business premises in Bengaluru, Hassan, Mumbai, Chennai and Chikkmagaluru for alleged tax evasion and concealment of taxable income.
"The searches in a group involved in coffee shop business, tourism business, information technology and other areas concluded with an admission of previously concealed income exceeding Rs 650 crore".
According to the Public Relations Office of Income Tax Department, "the detection of undisclosed income is expected to be a much higher figure."There are a number of other issues including violations of other statutes on which there is no disclosure but relevant evidence has been found. these will be pursued effectively with vigour, energy and imaginatioon", the statement added.Siddhartha, founder-owner of Cafe Coffee Day chain, was raided on September 21".
The raids were conducted under the directions and supervision of the Income Tax department's investigation cell director-general BR Balakrishnan. The IT sleuths have maintained that apart from concealing income, Siuddharatha may have indulged in more violations. Siddhartha is the owner of the popular cafe chain Cafe Cofee Day (CCD).
Earlier this year when I-T department carried out raids on Karnataka Minister DK Shivakumar, Congress alleged that the agency was used by BJP leaders at the centre to serve the political objective.