TaxTMI 
TaxTMI 
Income Tax Department conducts search operations in West Bengal
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....ncome Tax Department conducts search operations in West Bengal <br>News and Press Release<br>Dated:- 6-12-2021<br><BR>The Income Tax Department initiated a search and seizure operation on a prominent ....
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....Kolkata-based Group, engaged in manufacturing of TMT Bars and structural construction materials etc. on 01.12.2021. The search action covered more than 20 premises spread over West Bengal and Odisha. ....
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.... The action unearthed various methods of tax evasion adopted by the group. A large number of incriminating evidences in the form of documents and digital data demonstrating high value unaccounted cash....
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.... payments, unaccounted cash purchase and sales, suppression of production, etc. have been found and seized. A preliminary analysis of these evidences reveals that many paper/shell companies are run by....
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.... the group to provide accommodation entries to its flagship concerns. These shell entities were found to have routed back their unaccounted money in the guise of share capital/unsecured loan into book....
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....s of account. Such modus operandi has been admitted by one of the key persons of the group. The search action has resulted in seizure of unaccounted cash of ₹ 75 lakh and jewellery valued at &#....
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....8377; 2.26 crore while certain bank lockers have been placed under restraint. The search action, so far, has led to the detection of total unaccounted income of around ₹ 100 crore. Further inv....
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....estigations are under progress.<BR> News - Press release - PIB....