The Income Tax Department carried out search and survey operations on January 13 on persons/entities engaged in the business of hotels, real estate, automobile, financing, and wholesale trading of fruits in Kolkata, West Bengal, said Ministry of Finance.
The cases were developed on the basis of available data in the departmental database, analysis of their financial statements, market intelligence, and discreet field enquiries.
The search and seizure operation has resulted in the unearthing incriminating documents of undisclosed cash sales and claim of bogus expenses. During the course of the search operation, incriminating documents have been found which revealed the sale of shares of unlisted compes through layering to bring back unaccounted cash in the books of account in the form of unsecured loan/share capital, according to an official press release.
Round tripping of unaccounted wealth through professional help has also been detected. Evidence of booking a bogus loss on the sale of penny stocks, advancing of unaccounted cash loan and earning of unaccounted commission/brokerage/interest was also detected.
So far, concealment of income amounting to more than Rs 450 crore has been detected. The assessee has made an admission of undisclosed income amounting to Rs 105 crore. The search action has resulted in the seizure of unaccounted cash of Rs 1.58 crore.
Further investigations are in progress.
( With inputs from ANI )
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