IT raid at 2 companies

The Income Tax department conducted raids at the premises of two companies involved in real estate, pharma and iron ore business, a senior IT official said here today.
"Raids were conducted at the premises of Tirupati Sun World and Apple Industries Limited (AIL). During the raid, owners of AIL confessed unaccounted sales of Rs 105 crore. This related to mines in Cudappah in Andhra Pradesh," Director General (Investigation) Krishna Saini said today.
He said that in case of Tirupati Sun World, Rs 51 crore accounted money was shown as fake expenses.
This include Rs 5.5 crore cash and 45.5 crore as entries in the diaries.

The IT department had also conducted raids at the premises of the two companies day before yesterday and yesterday, and had recovered Rs six crore cash along with bogus shares of Rs 595 crore.