The searches were conducted for four days from September 21 at multiple locations.
"The searches in a group involved in coffee, tourism, information technology and other areas concluded with an admission of previously concealed income exceeding Rs 650 crore," said an I-T department official.
According to the official, the department apprehends that the figure of undisclosed income could be "much higher".
The searches were held in more than 20 locations, where Siddhartha, the chairman and managing director of CCD, has made investment or has stakes.
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CCD declined to comment on the I-T department's claims.
However, Coffee Day Enterprises Ltd in a filing to BSE said that search/survey was carried out by the Income Tax authorities on the company and its subsidiaries starting September 21 and ending September 24.
"Further any information which is considered to have material impact in nature discovered later will be intimated to the Exchange immediately," it said.
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