Rs 200 Crore Black Income Found During Income Tax Raids On Kolkata Group

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.
 

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