I-T dept detects black income of Rs 100 crore after raids on Kolkata group

The searches were carried out on December 1 at over 20 premises linked to the unidentified group in West Bengal and Odisha

I-T dept detects black income of Rs 100 crore after raids on Kolkata group

Photo for representation purposes.

New Delhi, December 6

The Income Tax Department has detected unaccounted income of about Rs 100 crore after it recently raided a Kolkata-based group engaged in manufacture of TMT bars and construction material, the CBDT said on Monday.

The searches were carried out on December 1 at over 20 premises linked to the unidentified group in West Bengal and Odisha.

A number of “incriminating” evidences in the form of documents and digital data demonstrating high-value unaccounted cash payments, unaccounted cash purchase and sales, suppression of production, etc, had been seized, the Central Board of Direct Taxes (CBDT) said in a statement.

The policy-making body of the income tax department said preliminary analysis of these evidences found that many paper or shell companies are run by the group to provide accommodation entries (bogus entries) to its flagship concerns.

"These shell entities were found to have routed back their unaccounted money in the guise of share capital/unsecured loan into books of account.

"Such modus operandi has been admitted by one of the key persons of the group," it claimed.

The CBDT said Rs 75 lakh in cash and jewellery valued at Rs 2.26 crore were seized while some bank lockers were put under restraint.

"The search action so far has led to the detection of unaccounted income of around Rs 100 crore," the CBDT said. PTI

Tribune Shorts


Top Stories

Mortal remains of 2 Indians killed in Abu Dhabi drone attack to reach Punjab on FRiday: India's UAE envoy

Mortal remains of 2 Indians killed in Abu Dhabi drone attack to reach Punjab on Friday: India's UAE envoy

On January 17, two Indians and a Pakistani national were kil...

Battle for UP: AAP gives 4th guarantee to farmers

Battle for UP: AAP gives 4th guarantee to farmers

The party will hold its first virtual rally on Friday, addre...

Foreign investment flow into India down 26% in 2021: UN

Foreign investment flow into India down 26% in 2021: UN

Global foreign direct investment flows showed a strong rebou...

In Qadian, a house divided by polls

In Qadian, a house divided by Punjab polls

Congress's Partap Bajwa is contesting againt his younger sib...

Cities

View All