Quick Summary
The Income Tax Department carried out search and survey operations on 13.01.2021 on persons / entities engaged in the business of hotels, real estate, automobile, financing and wholesale trading of fruits etc. at Kolkata. The cases were developed on the basis of available data in the departmental database, analysis of their financial statements, market intelligence and discreet field enquiries. The search and seizure operation has resulted in unearthing of incriminating documents of undisc
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FAQ :
The searches were initiated based on data from the departmental database, analysis of financial statements, market intelligence, and discreet field enquiries.
The operations targeted individuals and entities engaged in the business of hotels, real estate, automobile, financing, and wholesale trading of fruits.
Incriminating documents revealed undisclosed cash sales, claims of bogus expenses, sale of unlisted company shares through layering, round-tripping of wealth, booking bogus losses on penny stocks, advancing unaccounted cash loans, and earning unaccounted commission or interest.
Unaccounted cash amounting to Rs 1.58 crore was seized.
Concealment of income amounting to more than Rs 450 crore has been detected, and the assessee has admitted to undisclosed income of Rs 105 crore.
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