Income Tax Department conducts searches in Chhattisgarh

Last updated: 29 December 2021

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The Income Tax Department has conducted search and seizure operations across more than 35 premises in Chhattisgarh, targeting two prominent business groups in Raipur and Korba. These groups are involved in the manufacturing of iron and steel, coal washing, and transportation. During the searches, significant incriminating documents and digital evidence were discovered, including parallel cash books detailing unaccounted transactions exceeding Rs 200 crore. Evidence suggests suppression of production and unrecorded cash sales, with one entity found to have transactions worth approximately Rs 50 crore not reflected in its regular accounts. The other group is suspected of tax evasion through bogus purchases and unsubstantiated share premiums, with a key individual admitting to Rs 20 crore in undisclosed income. Unexplained cash and jewellery worth over Rs 3 crore have been seized, and investigations are ongoing.

The Income Tax Department carried out search and seizure operations on 22.12.2021 on two prominent groups of Raipur and Korba, engaged in the business of manufacturing of iron steel products, coal washery and transportation, etc. The search action covered more than 35 premises spread over Raipur, K

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FAQ :

The Income Tax Department conducted search and seizure operations on 22nd December 2021.

Two prominent groups from Raipur and Korba were searched, engaged in iron & steel manufacturing, coal washing, and transportation.

The search action covered more than 35 premises spread across Raipur, Korba, Bilaspur, and Raigarh districts in Chhattisgarh.

Preliminary analysis of parallel cash books revealed systematic records of unaccounted transactions exceeding Rs 200 crore.

Methods included suppression of production with unrecorded cash sales, obtaining bogus purchase invoices from related entities, and claiming expenses on bogus purchases, as well as obtaining share capital with unsubstantiated share premium.

Incriminating documents, digital evidence, parallel cash books, and unexplained cash and jewellery worth more than Rs 3 crore were seized.

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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Income Tax Department conducts searches in Chhattisgarh