The Income Tax department on Friday carried out search and seizure action on three real estate and stock-broking groups of Kolkata on January 5, 2021.
The search operation was conducted based on the available data in the departmental database, analysis of their financial statements, on market intelligence and field enquiries, the Central Board of Direct Taxes (CBDT) said in a release.
CBDT further said: "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 compes to route back their own unaccounted money," it added.
Total concealment of income amounting to Rs 365 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to Rs 111 crore.
The search action has resulted in the seizure of unaccounted cash of Rs 3.02 crore and jewellery worth Rs 72 lakh.
Further investigation is in progress.
( With inputs from ANI )
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