Tax raids in Kolkata, Guwahati & Shillong detect Rs 250 crore in black money

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The Income Tax Department has detected black money in excess of Rs 250 crore in search and seizure operations carried out on Tuesday against a Kolkata-based cement manufacturer and another group that undertakes large railway contracts in Assam and North-east states, according to a finance ministry statement released on Friday.   </p>
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A total of 15 premises were covered in the search action, which was spread across Kolkata, Guwahati, Rangia, Shillong and Patna. </p>
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The group engaged in cement manufacturing was found to have generated unaccounted income by indulging in out-of-books sales and booking bogus expenses. This unaccounted income is laundered back into the business through shell companies. Evidences found during the search revealed that many shell companies are run by the group to provide accommodation entries to its flagship concern. These paper companies were found to be non-existent at their given addresses.</p>
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<strong>Also read: </strong> <a href="https://www.indianarrative.com/economy-news/income-tax-dept-detects-rs-crore-in-black-money-in-raids-on-leading-real-estate-group-118651.html">Income Tax Dept. detects Rs 500 crore in black money in raids on leading real estate group</a></p>
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During the search, incriminating evidence indicating bogus unsecured loans, bogus commission paid, bogus share premium received through shell companies etc. was also found. This evidence indicates that an amount of more than Rs. 50 crore may be unaccounted.</p>
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The group was also found to be wrongly showing tribal individuals as creditors, such amounts being to the tune of around Rs. 38 crore. Further, details of certain offshore entities/ bank accounts were found during the search, which are apparently not declared in the relevant returns of income.</p>
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The other group is engaged in executing railway contracts in Assam, Mizoram and other parts of North East. During the search action, incriminating documents, loose sheets and digital evidence was seized indicating undisclosed investments in land and properties. Large number of sale deeds pertaining to land and properties have been found, the valuation of which could be in excess of Rs 110 crore.</p>
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During the search, corroborative evidence could not be produced to explain the source of acquisition of these assets. Further, documents containing details of cash transactions amounting to more than Rs. 13 crore in the sale of properties have been found.</p>
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Unaccounted cash of more than Rs. 51 lakh has been seized. Nine bank lockers have been put under prohibitory orders and are yet to be opened.</p>
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Further investigations are still in progress.</p>