MUMBAI, Aug 6: The Income Tax department has estimated the concealed income of the Nitco Tiles group at Rs 12 crore, informed sources told The Indian Express today. After nationwide raids on about 25 premises of the company on Tuesday and Wednesday, officers of the department have found at least Rs five crore worth unaccounted stock of the company.The raids on the company's premises at Mumbai, Pune, Hyderabad, Bangalore and Delhiwere conducted by about 150 officers.The raids yielded information about 16 bank lockers which were sealed on Tuesday.Several properties belonging to the group company and its owners have also been identified. These include seven flats in South Bombay, two in the suburbs, two flats in Hyderabad, farm houses in Alibag and Pune, and plots in Silvasa and Alibag.

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