Kolkata: The Income Tax Department carried out search and survey operations on persons, entities engaged in the business of hotels, real estate, automobile, financing, and wholesale trading of fruits at Kolkata.
The cases were developed based on available data in the departmental database, analysis of their financial statements, market intelligence, and discreet field inquiries, said the Ministry of Finance.
The search and seizure operation has resulted in unearthing incriminating documents of undisclosed cash sales and claims of bogus expenses.
During the search operation, incriminating documents have been found which revealed the 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 has also been detected. Evidence of booking a bogus loss on the sale of penny stocks, advancing of unaccounted cash loan and earning of unaccounted commission, brokerage, interest was also detected.
So far, concealment of income amounting to more than Rs. 450 crore has been detected. The assessee has made an admission of undisclosed income amounting to Rs. 105 crore. The search action has resulted in the seizure of unaccounted cash of Rs.1.58 crore. Meanwhile, the Ministry of Finance said further investigations are in progress.