Quick Summary
The Income Tax Department carried out search and seizure operation on 09.03.2021 on various persons based in Kolkata, engaged in the business of Electrical equipment and trading of decorative lighting. The cases were developed through market intelligence and field enquiries. Search and seizure action was carried out at more than 3 premises in Kolkata in the evening of 09.03.2021. The search action has resulted in unearthing of incriminating evidences (both physical and electronic) where prima
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FAQ :
The Income Tax Department conducted search and seizure operations on 9th March 2021.
Businesses involved in the electrical equipment sector and the trading of decorative lighting were searched.
Incriminating physical and electronic evidence was found, including over Rs. 3 crore in unaccounted cash. Evidence suggests undeclared transactions with Chinese exporters and manipulation of import prices.
The businesses allegedly imported goods at prices lower than market value to reduce customs duty impact. They also reportedly received cash, converted it to foreign exchange, and transferred it to Chinese exporters' accounts.
No, further investigations are currently in progress.
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