Quick Summary
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 un
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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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