PremiumA large number of incriminating evidence in the form of documents and digital data demonstrating booking of bogus expenditure and undisclosed cash sales has been found, the department said
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New Delhi: The Income Tax Department has detected unaccounted income of ₹250 crore after searches were held on a business group based in Kolkata, the department said in a statement on Thursday.
The searches on the group engaged in manufacturing of power transmission and distribution structure, steel structures and polymer products were carried out 24 August. It covered 28 premises spread over West Bengal and Jharkhand, the department said.
During the operation, various methods of tax evasion adopted by the group were detected, the department said.
A large number of incriminating evidence in the form of documents and digital data demonstrating booking of bogus expenditure and undisclosed cash sales has been found, the department said.
Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and seized, the department alleged.
A preliminary analysis of seized evidence reveals that several shell companies have allegedly been utilised by the group to provide ‘accommodation’ (bogus accounting) entries to its flagship concerns, the statement said.
These shell entities have been found to have routed back the unaccounted money in the guise of share capital/unsecured loan into the business of the group, the statement alleged. In addition, accommodation entries by an entry operator through a web of numerous shell companies aggregating to more than Rs.150 crore have also been detected, the statement alleged.
The search action has so far led to detection of total unaccounted income of more than Rs. 250 crore and further investigations are in progress, the statement said.