Quick Summary
The Income Tax Department carried out search and seizure action on three real estate and stock broking groups of Kolkata on 05.01.2021. The search operation was conducted based on the available data in the departmental database, analysis of their financial statements, on market intelligence and field enquiries. The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans. Evidences of out of
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1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
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FAQ :
The search and seizure action was carried out on 5th January 2021.
The searches targeted three real estate and stock broking groups based in Kolkata.
The searches were conducted based on data from the departmental database, analysis of financial statements, market intelligence, and field enquiries.
Incriminating evidence revealed the use of shell entities for bogus share capital/unsecured loans, out-of-the-books cash transactions, and un-booked revenue from flat sales. It was also found that unaccounted money was routed back using paper/shell companies.
A total concealment of income amounting to Rs 365 crore has been detected so far.
During the searches, unaccounted cash of Rs 3.02 crore and jewellery worth Rs 72 lakh were seized.
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