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:- 1-2-2021<br><BR>The Income Tax Department carried out search and seizure action on 29.01.2021 on the group based....
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.... in Kolkata, engaged in the business of manufacturing of iron & steel and tea.The cases were developed based on the available data in the departmental database, analysis of their financial statements,....
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.... on market intelligence and field enquiries. Search and seizure action was carried out at more than 25 premises of Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and other places. The search act....
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....ion has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans. Evidence of out of the books cash transactions ha....
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....s also been found. During the course of search proceedings, as a result of enquiries conducted, it is established that the persons of the group have used paper/shell companies to route back their own ....
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....unaccounted money. A total concealment of income amounting to ₹ 309 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to ₹ 175 crore. Fu....
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....rther investigations are in progress.<BR> News - Press release - PIB....