Quick Summary
The Income Tax Department carried out a search and seizure operation on 24.08.2022 on a prominent Kolkata based group, engaged in manufacturing of Power Transmission Distribution (TD) Structure, Steel Structures, Steel ERW Pipes and Polymer products, etc. The search action covered 28 premises sprea
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FAQ :
The Income Tax Department conducted a search and seizure operation on 24th August 2022.
The group is engaged in the manufacturing of Power Transmission & Distribution (T&D) Structures, Steel Structures, Steel ERW Pipes, and Polymer products.
The search action covered 28 premises spread over West Bengal and Jharkhand.
Methods unearthed include booking bogus expenditure, undisclosed cash sales, and the use of shell companies to provide accommodation entries for unaccounted money.
The search action has led to the detection of total unaccounted income of more than Rs. 250 crore.
Yes, evidence suggests the group utilised several shell companies to provide accommodation entries and route unaccounted money back into the business.
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