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The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various commodities, production of vanasapati ghee, re
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FAQ :
The Income Tax Department conducted search and survey operations on 25th September 2020.
The searches were carried out at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal.
The group is engaged in trading of various commodities, production of vanaspati ghee, real estate, and tea estates, with real estate projects in Kolkata.
Substantial evidence of transactions outside regular books of accounts, unaccounted cash expenses, cash advances received, cash interest payments, and cash introduced into shell companies were found.
Hard disks, pen drives, and hand-written diaries indicating cash loans and out-of-books receipts were seized.
As per preliminary estimates, evidence of cash transactions of around £40 crore and advances for a real estate project of around £80 crore are under examination.
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