The Income Tax Department on Friday carried out search and seizure action on a Kolkata-based group engaged in the business of manufacturing iron, steel and tea, said a finance ministry statement.
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 cases were developed based on the available data in the departmental database, analysis of their financial statements, on market intelligence and field enquiries. Search and seizure action was carried out at more than 25 premises of Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and other places,” said the Finance Ministry in a press release.
The search action has resulted in the unearthing of incriminating evidence revealing various shell entities being used for raising bogus share capital or unsecured loans.
The ministry said that the evidence of “out of the books cash transactions” has also been found. The persons of the group have used paper and shell companies to route back their own unaccounted money. Further investigations are in progress.