Cafe Coffee Day: Income Tax Search to Unearth Concealed/Undisclosed Income

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  • Since Thursday, The Income Tax Department raids on CCD (retail chain, Bengaluru).
  • Around Rs. 650 crores have been detected from the premises of Café Coffee Day at 25 places and also at its group companies in Mumbai, Chennai and Karnataka.
  • Some evidences have been found which shows that there have been violations of other statues and also on which there is no disclosure and a number of other issues have been also found.
  • The raid was carried out on offices and company’s other officials in Bengaluru, Hassan, Chikkamagaluru and Mysuru in Karnataka.
  • The raid was also conducted on the residence of CCD’s founder V G Siddhartha, the son-in-law of former Karnataka Chief Minister S M Krishna.
  • The share prices suffered a fall by more than 9.86%, earlier they were trading at Rs.208.95.
  • The CCD group have not sent reply to the mail queries and by then, the IT officials began search operations at other locations of the group across Bengaluru, Chennai, Karnataka and Mumbai.

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