Quick Summary
The Income Tax Department initiated a search and seizure operation on a prominent Kolkata-based Group, engaged in manufacturing of TMT Bars and structural construction materials etc. on01.12.2021. The search action covered more than20 premisesspread over West Bengal and Odisha. The action unearth
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FAQ :
The targeted group is engaged in the manufacturing of TMT Bars and structural construction materials.
The search operations covered more than 20 premises spread over West Bengal and Odisha.
The group employed methods such as high-value unaccounted cash payments, unaccounted cash purchases and sales, suppression of production, and the use of shell companies to provide accommodation entries and route back unaccounted money.
Unaccounted cash of Rs. 75 lakh and jewellery valued at Rs. 2.26 crore were seized.
The search action has led to the detection of a total unaccounted income of around Rs. 100 crore.
Yes, a key person from the group has admitted to the modus operandi employed.
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