IT Department conducts searches in Kolkata resulting in unearthing of incriminating evidences

Last updated: 17 April 2021

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The Income Tax Department has conducted searches on two Kolkata-based business groups involved in steel, marble, and food grain trading. The investigation uncovered significant evidence of tax evasion, including the use of shell companies to generate fake share capital and loans. Discrepancies in stock and off-the-books transactions were also found, with the groups admitting to using paper companies to launder their own undeclared money.

The Income Tax Department carried out search and seizure action on two Kolkata based Groups engaged in manufacturing & trading of Steel, trading of marbles & stones, food grains etc.

The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans, discrepancies in stock and out of the books cash transactions. The Groups have accepted that they used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to Rs. 178 crore has been detected so far including excess stock of Rs. 38 crore.

Kolkata IT Dept Raids Uncover Rs 178 Cr Tax Evasion

The search action has resulted in seizure of unaccounted cash of Rs. 1 crore and jewellery worth Rs. 1.42 crore.

Further investigations are in progress.

FAQ :

The Income Tax Department searched two Kolkata-based groups engaged in the manufacturing and trading of steel, trading of marbles and stones, and food grains.

Incriminating evidence included the use of shell entities for bogus share capital/unsecured loans, discrepancies in stock, and out-of-the-books cash transactions.

Yes, the groups accepted that they used paper/shell companies to route back their own unaccounted money.

A total concealment of income amounting to Rs. 178 crore has been detected so far, including excess stock of Rs. 38 crore.

The search action resulted in the seizure of unaccounted cash of Rs. 1 crore and jewellery worth Rs. 1.42 crore.

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