Quick Summary
The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus entities. All the 17 parties have confessed in the statements recorded during the course of search and seizure operation, that they were unaware of any such bus
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FAQ :
The Income Tax Department conducted search and seizure operations on a group involved in steel manufacturing and trading in and around Rourkela, Odisha.
The search and seizure operations were carried out on 03/12/2020.
The group is accused of booking bogus purchases amounting to around Rs 170 crore over two financial years, using 17 bogus entities.
All 17 parties confessed that they were unaware of any business concerns registered in their names and confirmed that the total amounts were withdrawn in cash from the bank accounts of these bogus entities.
The proprietors or directors of the bogus entities were typically daily wage labourers or individuals from economically weaker sections.
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