Quick Summary
The Income Tax Department carried out searches on a closely-held Group of Jharkhand on 17.03.2021 and concluded the same on 20.03.2021. The Group is engaged in manufacturing and trading of Sponge Iron, MS Ingots, MS Rods, and TMT bars and has dealerships of petrol pumps. Search and survey was carried out at more than 20 premises. The Group was indulging in manufacture and sale outside the books and was using an extensive network of shell companies to plough back unaccounted income. Preliminar
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN - Rs.1999
1799
(Excl. of GST ₹323)
2 Years PLAN - Rs.3499
3149
(Excl. of GST ₹566)
BEST VALUE
3 Years PLAN - Rs.4999
4499
(Excl. of GST ₹809)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The searches were conducted from March 17, 2021, to March 20, 2021.
The group is involved in manufacturing and trading of Sponge Iron, MS Ingots, MS Rods, and TMT bars, and also holds dealerships for petrol pumps.
Preliminary findings suggest unaccounted production sales amounted to Rs 185 crore. Additionally, about Rs 100 crore was ploughed back as share capital and Rs 25 crore as unsecured loans through shell companies.
The group used an extensive network of shell companies, primarily based in Kolkata, to introduce unaccounted income back into the business as share capital and unsecured loans.
Unaccounted cash of Rs 3.07 crore, along with unaccounted bullion and jewellery worth Rs 1.28 crore, were seized.
The unaccounted production was sold in cash, mainly in eastern India.
CAclubindia
