Tax sleuths detect concealed income of Rs 309Cr during Kolkata search
By TIOL News Service
NEW DELHI, FEB 02, 2021: THE Income Tax Department detected concealed income amounting to Rs. 309 crore when they searched the premises of a Kolkata-based manufacturing business engaged in iron, steel and tea, an official statement said on Monday.
The search and seizure action was carried out on January 29, said the Ministry of Finance.
"The search action has resulted in unearthing of incriminating evidence revealing various shell entities being used for raising bogus share capital and unsecured loans," it added.
During the search, it was established that members of the organisation were using shell companies to route back their own unaccounted money. Evidence of out of the books cash transactions were also unearthed.
"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 statement said.
The cases were developed based on the available data in the departmental database, analysis of the business' financial statements, on market intelligence and field enquiries.
The department had carried out such operations on 25 premises across the country in Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and other places.
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