New Delhi, 19 November
The CBDT said in a statement that the Income Tax Department has detected unaccounted income of about Rs 200 crore after the recent raids on Kolkata Group engaged in cement manufacturing and real estate.
It said searches were conducted at twenty-four premises in Kolkata, Assam, Meghalaya and Delhi on November 16.
The Central Board of Direct Taxes (CBDT) said the department seized Rs 1.30 crore in cash and kept under restraint half a dozen bank lockers found during the raids.
“In the search conducted so far, a total unaccounted income of about Rs 200 crore has been unearthed,” a statement issued on Thursday said.
CBDT said that the seized documents indicate various malpractices like suppression of production, unaccounted and short invoices of sales, inflation of cost of purchase by using bogus parties and evasion of taxable income by adopting unaccounted expenditure made in cash .
“Evidence of receipt of cash in cash on sale of flats by a group entity has also been unearthed.”
The policy-making body for the Income Tax Department alleged, “Analysis of the seized evidence reveals that several paper companies are run by the group to provide housing entries for its prime concern.”
It claimed that documents relating to unaccounted unsecured loans, fraudulent commission payments and uncertified share capital and share premium received through bogus companies were seized.
The statement said that some of the group firms were run in the name of persons/employees who are persons of small means.
“When these workers were earning meager salaries, crores of rupees were being paid to such firms. These firms are found to be operating from the factory premises of the group,” it said. -PTI