Kolkata (West Bengal) [India], January 8 (ANI): The Income Tax department on Friday carried out search and seizure motion on three actual property and stock-broking teams of Kolkata on January 5, 2021.
The search operation was performed based mostly on the accessible information in the departmental database, evaluation of their monetary statements, on market intelligence and area enquiries, the Central Board of Direct Taxes (CBDT) mentioned in a launch.
CBDT additional mentioned: “The search action has resulted in the unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans. The evidence of out of the books cash transactions have also been found.””Further, a significant amount of un-booked revenue on account of sale of flats was detected. During the course of search proceedings, as a result of enquiries conducted, it has been established that the persons of the group have used paper/shell companies to route back their own unaccounted money,” it added.
Total concealment of revenue amounting to Rs 365 crore has been detected to this point. The assessees have made an admission of undisclosed revenue amounting to Rs 111 crore.
The search motion has resulted in the seizure of unaccounted money of Rs 3.02 crore and jewelry value Rs 72 lakh.
Further investigation is in progress. (ANI)