Quick Summary
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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