Quick Summary
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, Korba, Bilaspur and Raigarh districts of Chhattisgarh. During the course of the search action, in one of the groups, various incriminating documents and digital evidences have been found and seized
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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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