IT Department Detects Rs 200 Crore Black Income After Raids On Kolkata Group, Real Estate News, ET RealEstate

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NEW DELHI: The Income Tax Department has detected unrecorded income of around Rs 200 crore after it recently raided a Kolkata group engaged in cement manufacturing and real estate, the CBDT said in a statement . The searches were carried out in twenty-four premises in Kolkata, Assam, Meghalaya and Delhi on November 16, he said.

The department seized Rs 1.30 crore in cash and placed half a dozen bank lockers, unearthed in the raids, under duress, the Central Commission on Direct Taxes (CBDT) said.

“The search action, so far, has led to the detection of a total unrecorded income of around Rs 200 crore,” he said in a statement on Thursday.

The CBDT said the documents seized point to taxable income fraud by enacting various wrongdoings such as shutting down production, unaccounted for and under-invoicing sales, inflation of the cost of purchases using fake parts and expenses. not recognized incurred in cash.

“Evidence of receipt of cash during the sale of apartments, by a group company, has also been found. ”

“Analysis of the seized evidence reveals that many paper companies are managed by the group to provide housing for its flagship business,” said the governing body of the Department of Income Taxes.

Documents relating to unrecorded unsecured loans, bogus commissions paid and unjustified share capital and share premiums received through shell companies were seized, he said.

The press release indicates that some of the group’s companies are managed on behalf of people / employees with limited means.

“While these employees were earning meager salaries, payments amounting to millions of rupees were made to these companies. These companies operate from the premises of the group’s factory,” he said.


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