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Tax sleuths detect concealed income of Rs 450Cr during Kolkata raids

By TIOL News Service

NEW DELHI, JAN 15, 2021: THE Income Tax (IT) Department detected concealment of income amounting to more than Rs 450 crore during search and survey operations on Kolkata business entities.

The IT Department carried out the search on 13 January on persons and entities engaged in the business of hotels, real estate, automobile, financing and wholesale trading of fruits, in Kolkata, an official statement said today.

"The cases were developed on the basis of available data in the departmental database, analysis of their financial statements, market intelligence and discreet field enquiries," said the Ministry of Finance.

The search action resulted in seizure of unaccounted cash to the tune of Rs 1.58 crore.

Incriminating documents were unearthed, revealing undisclosed cash sales and claim of bogus expenses. The sale of shares of unlisted companies through layering to bring back unaccounted cash in the books of account in the form of unsecured loan or share capital was also found.

Round tripping of unaccounted wealth through professional help has also been detected, the IT Department said. Evidences of booking bogus loss on sale of penny stocks, advancing of unaccounted cash loan and earning of unaccounted commission were also unveiled.

So far, concealment of income amounting to more than Rs 450 crore has been detected by the income tax sleuths. The assessee has already admitted to undisclosed income amounting to Rs 105 crore.


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