IT Department conducts searches on 3 real estate & stock broking groups of Kolkata



Quick Summary
The Income Tax Department has conducted searches on three major real estate and stock broking groups in Kolkata. The operation uncovered significant tax evasion, with evidence suggesting the use of shell companies to funnel unaccounted money and raise bogus capital. So far, a total of Rs 365 crore in concealed income has been detected, and the assessees have admitted to Rs 111 crore in undisclosed income. Unaccounted cash and jewellery were also seized.

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 the books cash transactions have also been found. Further, significant amount of un-booked revenue on account of sale of flats was detected. During the course of search proceedings, as a result of enquiries conducted, it has been established that the persons of the group have used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to Rs. 365 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to Rs. 111 crore.

Kolkata Real Estate and Broking Groups Searched by IT Dept

The search action has resulted in seizure of unaccounted cash of Rs. 3.02 crore and jewellery worth Rs. 72 lakh.

Further investigations are in progress.

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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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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