The Income Tax Department has detected undisclosed income of over ₹300 crore after raiding a Kolkata-based group engaged in the business of manufacturing iron, steel and tea, the Central Board of Direct Taxes said on Monday. “A total concealment of income amounting to ₹309 crore has been detected so far.”
“The assessees have made an admission of undisclosed income amounting to ₹175 crore,” the CBDT said in a statement.
The searches were carried out on 29January 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.
CBDT 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.
The persons of the group have used paper or shell companies to route back their own “unaccounted” money, the officials said.
Last month, the I-T department unearthed undisclosed income of over ₹450 crore after it raided some Kolkata-based entities engaged in various businesses such as running of hotels and wholesale trading of fruits.
Source: https://www.livemint.com/news/india/it-dept-detects-rs-300-crore-black-money-after-raiding-kolkata-based-group-11612187157274.html
