Quick Summary
Income Tax Department started a Search and Survey action on 22.12.2020 in the cases of three leading contractors of North Eastern India. One of the groups is also into Hospitality business. The Search and Survey actions are being carried out at 14 locations in Guwahati, Delhi, Silapathar and Pathsal
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FAQ :
The Income Tax Department conducted Search and Survey actions on three leading contractors in North Eastern India, with operations in 14 locations including Guwahati.
The contractors are accused of taking accommodation entries in the form of non-genuine unsecured loans and securities premium from dubious Kolkata-based shell companies to suppress profits and route unaccounted income back into their businesses.
So far, undisclosed income to the tune of approximately ₹100 crore has been unearthed during the search and survey operation.
Cash amounting to ₹2.95 crore and jewellery worth ₹9.79 lakh have been seized. The sources of other jewellery exceeding ₹2 crore are under verification.
No, it has been established that the shell companies from which loans and premiums were taken exist only on paper and have no real business or creditworthiness.
One of the groups engages in huge cash transactions in its hospitality business, reportedly as high as 50%, which is currently under examination.
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