The Income Tax (IT) Department has concluded its search on the Coffee Day Group companies and detected undisclosed income worth over Rs 650 crore after four-day raids. The IT department is expecting the undisclosed income figures to be higher.
Search operations was conducted at premises of Cafe Coffee Day and its group companies across 25 locations in Bengaluru, Chikmaglur, Mumbai and Chennai, including the residence of Chairman and Managing Director V G Siddhartha.
Coffee Day Enterprises is the parent company of the Coffee Day Group, which houses Cafe Coffee Day that pioneered the coffee culture in the chained cafe segment in India.
