By Our Correspondent
BHUBANESWAR: The Income Tax Department carried out search and seizure action on the group based in Kolkata, engaged in the business of manufacturing of iron & steel and tea.The cases were developed based on the available data in the departmental database, analysis of their financial statements, on market intelligence and field enquiries. Search and seizure action was carried out at more than 25 premises of Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and other places.
The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans. Evidence of out of the books cash transactions has also been found.
During the course of search proceedings, as a result of enquiries conducted, it is established that the persons of the group have used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to Rs. 309 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to Rs. 175 crore. Further investigations are in progress.
The Income Tax Department has detected undisclosed income of over Rs 300 crore after raiding a Kolkata-based group engaged in the business of manufacturing iron, steel and tea, the CBDT said on Monday. The searches were carried out on January 29 at twenty-five premises in Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and some other places on the basis of information available to the taxman through the group’s finanical statements, market intelligence and field enquiries, it said.
“A total concealment of income amounting to Rs 309 crore has been detected so far.””The assessees have made an admission of undisclosed income amounting to Rs 175 crore,” the CBDT said in a statement.
The Central Board of Direct Taxes frames policy for the tax department.It said the action “resulted in unearthing of incriminating evidence revealing various shell or paper entities being used for raising bogus share capital and un-secured loans”.”Evidence of out of the books cash transactions has also been found,” it claimed. It is established, the CBDT said, that the persons of the group have used paper or shell companies to route back their own “unaccounted” money.
