Speed Post News Network
New Delhi : The Income-Tax (I-T) Department on January 13, 2021, carried out search and survey operations on persons / entities engaged in the business of hotels, real estate, automobile, financing, and wholesale trading of fruits etc. at Kolkata.
The cases were developed on the basis of available data in the departmental database, analysis of their financial statements, market intelligence, and discreet field inquiries.
The search and seizure operation has resulted in unearthing of incriminating documents of undisclosed cash sales and claim of bogus expenses. During the course of search operation, incriminating documents were found which revealed sale of shares of unlisted companies through layering to bring back unaccounted cash in the books of account in the form of unsecured loan / share capital.
Round tripping of unaccounted wealth through professional help was also detected. Evidences of booking bogus loss on sale of penny stocks, advancing of unaccounted cash loan, and earning of unaccounted commission / brokerage / interest were also detected, according to a PIB release.
So far, concealment of income amounting to more than Rs 450 crore has been detected. The assessees have made an admission of undisclosed income amounting to Rs 105 crore. The search action has resulted in seizure of unaccounted cash of Rs.1.58 crore. Further investigations are in progress.