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I-T Dept unearths Rs 200 cr unaccounted cash post raids on Kolkata group

I-T Dept unearths Rs 200 cr unaccounted cash post raids on Kolkata group

The raids have resulted in seizure of unaccounted cash of Rs 1.30 crore. The I-T Department has placed six bank lockers under restraint.

The search action covered 24 premises spread over Kolkata, Delhi and places in Assam and Meghalaya The search action covered 24 premises spread over Kolkata, Delhi and places in Assam and Meghalaya

The Income Tax Department has detected unaccounted income of around Rs 200 crore after conducting search and seizure operations on a prominent Kolkata-based group that is engaged in manufacturing of cement and real estate.

The search action covered 24 premises spread over Kolkata, Delhi and places in Assam and Meghalaya, informed the Central Board of Direct Taxes (CBDT) in an official statement.

The raids have resulted in seizure of unaccounted cash of Rs 1.30 crore. The Income Tax Department has placed six bank lockers under restraint.

The CBDT explained that a large amount of incriminating evidences in the form of documents and digital data showing evasion of huge amount of unaccounted income of the group have been found and seized.

It noted the evidences indicate evasion of taxable income following 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," said the CBDT.    

Analysis of the seized evidence has revealed that many paper companies are being operated by the group to provide accommodation entries to its flagship concern, the CBDT said.

During the search proceedings, incriminating evidences containing transaction of unexplained unsecured loans, bogus commission paid, and unsubstantiated share capital and share premium received through shell companies, was also discovered and seized by the IT department.

CBDT noted that some firms of the group were found to be run in the names of persons or employees who did not earn much. "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," the CBDT said.

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