I-T sleuths detect Rs 300Cr concealed income in Kolkata raids
By TIOL News Service
NEW DELHI, FEB 11, 2021: THE Income Tax Department has detected concealed income of about Rs. 300 crore after it raided Kolkata-based business groups engaged in pharmaceuticals, diagnostic services and hospitals.
Search and seizure action on 17 premises of the group in Kolkata, Haridwar and Bhubaneswar on February 5, led to the I-T Department finding cash amounting to Rs. 87 lakh and jewellery worth Rs. 61 lakh. Moreover, eight bank lockers have been put under restraint.
"The assessees have made an admission of undisclosed income amounting to Rs. 50 crore," added the Central Board of Direct Taxes (CBDT) on Wednesday.
The cases were developed based on the available data in the departmental database, analysis of their financial statements, market intelligence and field enquiries, it said.
The department found "incriminating evidence" revealing shell entities being used for raise fraudulent share capital and unsecured loans, expenditure incurred in renovation of property in cash, and out of books cash transactions.
"As a result of enquiries conducted during the course of search proceedings, it has been established that the groups have used paper or shell companies to route back their own unaccounted money," said the CBDT.
A finance broker engaged in facilitating cash loans to the group was also covered during the operation, who "confirmed" the transactions.
A total concealment of income amounting to Rs. 300 crore has been detected so far and further investigations are in progress, it said.