Quick Summary
The Income Tax Department carried out search and seizure operation on a prominent road construction contractor in Bihar and Jharkhand. The search action was initiated on 27.10.2021 at various premises located in Bihar, Jharkhand, Maharashtra, and West Bengal. The searches revealed that the group has been suppressing its profits by inflating expenses on purchase of materials. Such excess material is sold in the market in cash but cash so generated remains unaccounted. It has been also found
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FAQ :
The Income Tax Department conducted search and seizure operations on a prominent road construction contractor.
Searches were carried out at various premises in Bihar, Jharkhand, Maharashtra, and West Bengal.
The group was suppressing profits by inflating expenses on material purchases, selling excess materials for unaccounted cash, and obtaining accommodation entries for inflated business expenses.
Unaccounted cash of Rs 5.71 crore was seized, ten bank lockers were restrained, and incriminating documents like handwritten diaries were recovered.
The search operation has led to the detection of unaccounted income to the tune of about Rs 100 crore.
No, further investigations are in progress.
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