Income Tax department carries out searches at premises of prominent business group in Jharkhand, West Bengal
New Delhi: The Income Tax division on Friday (September 25, 2020) carried out search and survey operations at round 20 residential and enterprise premises of a distinguished group having operations in Jharkhand and West Bengal. The group is reportedly engaged in buying and selling of varied commodities, manufacturing of vanaspati ghee, actual property and tea estates and has actual property initiatives in Kolkata.
During the search, substantial proof of transactions outdoors the common books of accounts, unaccounted money bills and money advances obtained and curiosity having been paid in money, was discovered.
Further, money has been discovered to have been launched within the group shell corporations, which has been superior as a mortgage to the true property firm.
Most of the businesses having members of the family as administrators, shouldn’t have any actual enterprise and only a few returns of revenue have been filed and many of the returns with ROC have additionally not been filed.
One such group firm has no enterprise since 2014, though it has proven gross sales of Rs 7 crore in money. This money has been deposited in financial institution accounts in Kolkata, whereas money sale is proven in books to consumers from Jharkhand.
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Hard disks, pen drives and handwritten diaries have additionally been seized. Certain handwritten diaries discovered point out giving and taking of loans in money and out of books receipt of money on account of reserving of business house in the true property undertaking.
Evidence of out of books money funds to contractors and fictitious funds to a dummy contractor have additionally been discovered. The undertaking value recorded in books has been discovered to be understated, as proof of out of ebook money bills for development has been discovered.
As per preliminary estimates, proof of money transactions of round Rs 40 crore has been discovered and advances obtained for the true property undertaking of round Rs 80 crore are additionally below examination.
Further investigations are happening.
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