NEW DELHI: The income tax department has unearthed black money of Rs 450 crore in a series of searches on companies engaged in hospitality and trading businesses in Kolkata on Wednesday.
According to the Central Board of Direct Taxes, the accused had accepted “unaccounted income” of Rs 105 crore in initial questioning.
Entities searched were engaged in the business of hotels, real estate, automobile, financing and wholesale trading of fruits in Kolkata. Officials also seized documents and details of shell companies where cash transactions were made and bogus sales were booked.