Quick Summary
The Income Tax Department started a search and survey action on 04/12/2020 in the cases of leading Coal Traders of Assam. The search and survey actions are being carried out at 21 locations in Guwahati, Digboi, Margherita and Delhi. The main allegations against the group are that it has routed ac
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Income Tax Department commenced search and survey actions on 4th December 2020.
Search and survey actions were carried out at 21 locations in Guwahati, Digboi, Margherita, and Delhi.
The traders are accused of routing accommodation entries totalling more than Rs 23 crore in share capital and Rs 62 crore in unsecured loans through shell companies, while suppressing their net profits.
Handwritten documents regarding cash transactions, which were not in the regular books of accounts, were recovered. Out-of-books transactions exceeding Rs 150 crore were detected, along with cash loans over Rs 10 crore and a stock difference of over Rs 7 crore.
Yes, unexplained cash of approximately Rs 3.53 crore was found and seized by the Department.
In the office of a Kolkata-based shell company used by the group, no books of accounts or mandated documents were found, indicating it was a bogus entity used to route unaccounted income.
CAclubindia
