Income Tax Department conducts searches in Kolkata

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Income Tax - India
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Azadi Ka Amrit Mahoutsav

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Income Tax Department conducts searches in Kolkata

By PIB Delhi

The Income Tax Department carried out search and seizure action on two Kolkata based Groups engaged in manufacturing & trading of Steel, trading of marbles & stones, food grains etc.

The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans, discrepancies in stock and out of the books cash transactions. The Groups have accepted that they used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to Rs. 178 crore has been detected so far including excess stock of Rs. 38 crore.

The search action has resulted in seizure of unaccounted cash of Rs. 1 crore and jewellery worth Rs. 1.42 crore.

Further investigations are in progress.

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Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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