IT detects black income of Rs 100 crore after raids on Kolkata group; another 30 crore recovered from Delhi man



NEW DELHI: The Income Tax Department has detected unaccounted income of about Rs 100 crore after it recently raided a Kolkata-based group engaged in manufacture of TMT bars and construction material, the CBDT said on Monday.

The searches were carried out on December 1 at over 20 premises linked to the unidentified group in West Bengal and Odisha.

A number of “incriminating” evidences in the form of documents and digital data demonstrating high-value unaccounted cash payments, unaccounted cash purchase and sales, suppression of production, etc.

have been seized, the Central Board of Direct Taxes (CBDT) said in a statement.

The policy-making body of the income tax department said preliminary analysis of these evidences found that many paper or shell companies are run by the group to provide accommodation entries (bogus 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 books of account.

“Such modus operandi has been admitted by one of the key persons of the group,” it claimed.

The CBDT said Rs 75 lakh cash and jewellery valued at Rs 2.26 crore was seized while some bank lockers were put under restraint.

“The search action, so far, has led to the detection of total unaccounted income of around Rs 100 crore,” the CBDT said.

The Income Tax Department has detected Rs 30 crore black income of a Delhi-based entity who allegedly had created an overseas trust and a company, the CBDT said on Monday.

The raids were conducted against the unidentified individual on November 24.

It claimed the taxpayer had “created a beneficiary trust and an underlying company in low tax overseas jurisdiction.”

“The search operation revealed that these undisclosed entities in low tax overseas jurisdictions were holding assets worth Rs 40 crore in the form of immovable and movable assets,” the Central Board of Direct Taxes (CBDT) said in a statement.

It said the taxpayer was “availing handling services of a foreign bank having branches in India that offers wealth management, financial planning, asset allocation, equity research, fixed income, investment strategies and fiduciary services.”

It said “corroborating evidences” in the form of e-mails and documents have been found, “establishing” the taxpayer’s beneficial ownership of the foreign assets.

“In his statement recorded during the search, he has admitted to ownership of foreign assets,” it said.

The department also found a hard disk containing data in the form of “parallel set of books of accounts” during the searches on the business premises.

“A preliminary analysis of such gathered evidences indicate understatement of domestic income to the tune of Rs 30 crore from business undertaken in India,” it claimed.

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