The CBDT said in a statement that ₹8.30 crore cash was seized during the raids on the group engaged in the business of manufacture and sale of tiles and sanitaryware. The group is the "leader" in tiles business in south India.
"In the course of search, unaccounted sale and purchase of tiles were detected. Details of unaccounted transactions were unearthed in the secret office and the software maintained in the cloud," it claimed.
It was found that the transactions to the extent of 50% were out of books, the statement claimed. "Considering the previous turnover, the suppression of income may be in the range of ₹120 crore. This is in addition to ₹100 crore of undisclosed income introduced by the group as share premium through shell companies," it claimed.
"Total undisclosed income detected so far comes to ₹220 crore," the CBDT alleged.
The statement issued late Saturday night said the searches were on.
The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, meanwhile, said it was fully prepared to check and monitor the role of money in influencing voters.