NEW DELHI :
The Income Tax Department carried out a search-and-seizure operation on December 16 on two outstanding Asansol-based teams, engaged within the enterprise of iron and metal merchandise, infrastructure, cement, poly fabs, agro-tech, and meals processing.
The search motion lined greater than 30 premises unfold over West Bengal.
An IT division assertion stated that numerous incriminating items of proof within the type of paperwork and digital information saved in SD playing cards, WhatsApp chats, and many others. have been discovered and seized throughout the operation.
The search staff has detected that SD playing cards have been used to maintain particulars of a parallel set of unaccounted gross sales, excel sheets of precise manufacturing information, parallel tally accounts recordsdata, money fee particulars made to varied events and many others., the assertion stated.
A preliminary evaluation of seized SD playing cards and associated items of proof by the IT division revealed that these comprise unaccounted money dealt with by key staff of the administrators and house owners of the entities.
The key individuals of one of many teams have admitted that unaccounted earnings of greater than Rs. 66 crore has been generated via unaccounted money gross sales from its manufacturing models throughout the monetary 12 months FY 20-21. The division stated that in sure different entities, items of proof have been discovered relating to assert of unsubstantiated purchases, out of which purchases to the extent of Rs. 20 crore have additionally been admitted by the administrators as undisclosed earnings.
Further, evaluation of seized proof of one other group reveals that many paper firms, that are run by entry operators, have been used to offer lodging entries to its flagship issues.
These shell entities have been discovered to have routed again the unaccounted cash of the group within the guise of share capital/unsecured mortgage into the books of account of those entities, the division stated.
It has been corroborated, with admission by administrators of those entities involved, that, the quantum of such routing exceeds ₹40 crore.
The search motion has unearthed numerous strategies of tax evasion adopted by the teams comparable to unaccounted money gross sales, inflation of bills via the declare of bogus purchases and routing of unaccounted earnings via lodging entries. It has resulted within the seizure of unaccounted money and jewelry of greater than Rs.2 crore and has, to this point, led to the detection of complete unaccounted earnings exceeding Rs. 125 crore.
Further investigations are in progress.
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