IT searches in W Bengal leads to recovery of Rs 200 Cr unaccounted income

New Delhi, Nov 18 (UNI) The Income Tax Department carried out search and seizure operations on a prominent Kolkata-based group engaged in manufacturing of cement and real estate on November 16, 2021, it was reported on Thursday.
The search resulted in seizure of Rs 1.30 crore in unaccounted cash. As many as six bank lockers were placed under restraint and the search action, so far, had led to recovery of Rs 200 crore worth of total unaccounted income, an official statement said.
During the search, which covered 24 premises spread over Kolkata, Delhi and places in the states of Assam and Meghalaya, a large number of incriminating evidences in the form of documents and digital data showing evasion of huge amount of unaccounted income of the group were found and seized.

The evidences indicated evasion of taxable income adopting various malpractices. Evidence of receipt of on-money in cash on sale of flats, by a group concerned, was unearthed.
Further analysis of seized evidences revealed that many paper companies were run by the group to provide accommodation entries to its flagship concern.
During the search proceedings, incriminating evidences containing transaction of unexplained unsecured loans, bogus commission paid, and unsubstantiated share capital and share premium received through shell companies, were also found and seized.
Several firms of the group were also found to be run in the names of people or employees who were persons of small means.