STOCK MARKET BSE NSE

IT department detects Rs 200-crore black income after raids on Kolkata group

The searches were carried out at twenty-four premises in Kolkata, Assam, Meghalaya and Delhi on November 16.

Published: 19th November 2021 03:45 PM  |   Last Updated: 19th November 2021 03:45 PM   |  A+A-

income tax raid

Image used for representational purposes. (File Photo)

By PTI

NEW DELHI: The Income Tax Department has detected unaccounted income of about Rs 200 crore after it recently raided a Kolkata group engaged in cement manufacturing and real estate, the CBDT said in a statement.

The searches were carried out at twenty-four premises in Kolkata, Assam, Meghalaya and Delhi on November 16, it said.

The department seized Rs 1.30 crore cash and placed half-a-dozen bank lockers, unearthed during the raids, under restraint, The Central Board of Direct Taxes (CBDT) said.

"The search action, so far, has led to the detection of total unaccounted income of around Rs 200 crore," it said in the statement issued on Thursday.

The CBDT said seized documents indicate evasion of taxable income by adopting various malpractices such as suppression of production, unaccounted and under-invoicing of sales, inflation of cost of purchases using bogus parties and unaccounted expenditure incurred in cash.

"Evidence of receipt of on-money in cash on sale of flats, by a group concern, has also been unearthed."

"Analysis of seized evidences reveal that many paper companies are run by the group to provide accommodation entries to its flagship concern," the policy-making body for the Income Tax Department alleged.

Documents related to unaccounted unsecured loans, bogus commission paid and unsubstantiated share capital and share premium received through shell companies were seized, it claimed.

The statement said some firms of the group were found to be run in the names of persons/employees who are persons of small means.

While these employees were earning meagre salaries, payments running into crores of rupees were being made to such firms. These firms are found to be operating from the factory premise of the group," it said.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp