TaxTMI 
TaxTMI 
TaxTMI 
Income Tax Department conducts searches in Kolkata
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....ncome Tax Department conducts searches in Kolkata <br>News and Press Release<br>Dated:- 9-1-2021<br><BR>The Income Tax Department carried out search and seizure action on three real estate and stock b....
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....roking groups of Kolkata on 05.01.2021. The search operation was conducted based on the available data in the departmental database, analysis of their financial statements, on market intelligence and ....
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....field enquiries. The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans. Evidences of out ....
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....of the books cash transactions have also been found. Further, significant amount of un-booked revenue on account of sale of flats was detected. During the course of search proceedings, as a result of ....
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....enquiries conducted, it has been established that the persons of the group have used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to ₹....
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.... 365 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to ₹ 111 crore. The search action has resulted in seizure of unaccounted cash of ₹....
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....; 3.02 crore and jewellery worth ₹ 72 lakh. Further investigations are in progress.<BR> News - Press release - PIB....