Quick Summary
The Income Tax Department carried outa search and seizure operation on 17.09.2021 on a prominent group engaged in manufacturing of steel products. 25 premises consisting of 8 residences, 9 offices and 8 factories, spread over Kolkata, Durgapur, Asansol and Purulia and other regions of West Bengal we
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FAQ :
The search and seizure operation was carried out on 17.09.2021.
The searches targeted a prominent group engaged in the manufacturing of steel products.
A total of 25 premises were covered, including 8 residences, 9 offices, and 8 factories.
The total amount of incriminating evidence pertaining to the manufacturing group exceeded Rs. 700 crore.
Irregularities included generation of unaccounted income through cash sales, cash expenditure, purchases from bogus parties, under-reporting production, cash purchases of scrap, and the use of shell entities for layering funds.
Yes, unaccounted cash amounting to Rs. 20 lakh was seized, and 2 lockers remain to be operated.
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