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 carrie
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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.
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