Kolkata, Dec 6 (SocialNews.XYZ) The Income Tax (I-T) Department on Monday said that it has initiated a search and seizure operation on a prominent Kolkata-based group, engaged in manufacturing TMT steel bars and construction material.
The search covered more than 20 premises spread over West Bengal and Odisha and unearthed various methods of tax evasion adopted by the group.
A large number of incriminating documents and digital data demonstrating high value unaccounted cash payments, unaccounted cash purchase and sales, suppression of production, were seized.
The I-T department said that a preliminary analysis of these revealed that many shell companies are operating under the group.
"These shell entities were found to have routed back their unaccounted money in the guise of share capital/unsecured loan into books of account. Such modus operandi has been admitted by one of the key persons of the group," the I-T Department said.
As per information, the search has resulted in the seizure of Rs 75 lakh unaccounted cash and jewellery worth Rs 2.26 crore while certain bank lockers have been placed under restraint.
The search operation also uncovered unaccounted income of around Rs 100 crore.
Source: IANS
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