Quick Summary
A search and seizure action was initiated by the Income Tax Department on few business groups engaged in coal trading/ transportation, execution of civil contracts, extraction of iron ore and production of sponge iron,on 04.11.2022. Those searched include two politically exposed persons and their associates. The searches were carried out at more than 50 premises spread over Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram, and Kolkata. The search operation has led to the sei
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FAQ :
The searches have so far revealed unaccounted transactions and investments exceeding Rs 100 crore.
The raids targeted business groups engaged in coal trading/transportation, civil contracts, iron ore extraction, and sponge iron production.
The searches were carried out at more than 50 premises spread across Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram, and Kolkata.
Methods included inflation of expenses, cash transactions for loans and payments, suppression of production, and introduction of unaccounted money through shell companies.
Yes, undisclosed cash exceeding Rs 2 crore was seized during the search.
A total of 16 bank lockers have been put under restraint.
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