Companies
oi-Roshni Agarwal
| Published: Tuesday, February 2, 2021, 1:50 p.m. [IST]
The income tax department has revealed undisclosed income in excess of Rs. 300 crore following a raid on a Kolkata-based group involved in the manufacture of iron, steel and tea, the CBDT said. “So far there has been a complete disguise of the income of Rs 309 billion.” “The appraisers have admitted undisclosed income of Rs. 175 crore,” the CBDT said in a statement.
IT department discovered Rs. 300 crore of black money after robbing a Kolkata group
The search was conducted at 25 locations in Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and a few other locations on Jan. 29 based on information available to the department from the company’s financial statements, field inquiries and market intelligence.
The action “led to the uncovering of incriminating evidence showing that various shell or paper companies were used to raise fake share capital and unsecured loans,” the CBDT added. “There were also evidence of cash transactions found in the books,” it said. Members of the group have used paper or shell companies to repatriate their unrecorded funds, the official said.
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