The Income-Tax (I-T) department has detected undisclosed income to the tune of ₹250 crore during the searches against two groups operating in the Northeast and West Bengal.
One group was engaged in the business of cement manufacturing, while the other was into executing railway contracts in Assam, Mizoram and other parts of the Northeast. The agency carried out searches on 15 premises of the suspects in Kolkata, Guwahati, Rangia, Shillong and Patna.
With respect to the group that was into cement manufacturing, the I-T department found that it had generated unaccounted income by indulging in out-of-books sales and booking bogus expenses. The unaccounted income was laundered back into the business through shell companies. Several paper companies run by the group used to provide accommodation entries to its flagship concern to project the transactions as authentic.
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During the searches, the agency also found evidence indicating that bogus unsecured loans were given, commissions were shown to have been paid and bogus share premium were received via shell companies, which accounted for an unaccounted sum of ₹50 crore.
In the case of another group, the agency seized papers indicating undisclosed investments in land parcels and properties, involving over ₹110 crore. Details pertaining to cash transactions amounting to more than ₹13 crore in the sale of properties were also being examined.