IT Department conducts searches in Kolkata engaged in the business of manufacturing of iron & steel and tea



Quick Summary
The Income Tax Department has conducted a significant search and seizure operation on a Kolkata-based business group involved in iron, steel, and tea manufacturing. The operation, which covered over 25 locations across India, uncovered evidence of shell companies being used to generate fake share capital and loans. It also revealed 'out of the books' cash transactions and the routing of unaccounted money. So far, a total income concealment of Rs 309 crore has been detected, with the group admitting to Rs 175 crore in undisclosed income.

The Income Tax Department carried out search and seizure action on 29.01.2021 on the group based in Kolkata, engaged in the business of manufacturing of iron steel and tea.The cases were developed based on the available data in the departmental database, analysis of their financial statements, on m
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FAQ :

The Income Tax Department searched a group engaged in the manufacturing of iron & steel and tea.

The search and seizure action was carried out on 29.01.2021.

Searches were conducted at more than 25 premises in Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai, and other locations.

The searches uncovered incriminating evidence revealing the use of shell entities for bogus share capital/unsecured loans and out-of-the-books cash transactions. It was established that the group used paper/shell companies to route back their own unaccounted money.

A total concealment of income amounting to Rs. 309 crore has been detected so far.

Yes, the assessees have made an admission of undisclosed income amounting to Rs. 175 crore.




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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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