Income Tax Department conducts searches on a prominent Transmission Tower manufacturing group in West Bengal

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Azadi Ka Amrit Mahoutsav

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Income Tax Department conducts searches on a prominent Transmission Tower manufacturing group in West Bengal

By PIB Delhi

The Income Tax Department carried out a search and seizure operation on 24.08.2022 on a prominent Kolkata-based group, engaged in manufacturing of Power Transmission & Distribution (T&D) Structures, Steel Structures, Steel ERW Pipes and Polymer products, etc. The search action covered 28 premises spread over West Bengal and Jharkhand.

During the course of the search operation, various methods of tax evasion adopted by the group were unearthed. A large number of incriminating evidence in the form of documents and digital data demonstrating the booking of bogus expenditure and undisclosed cash sales has been found. Moreover, evidence of the use of unaccounted cash for the acquisition of immovable property and unaccounted cash loans, etc. have also been found and seized.

A preliminary analysis of seized evidence reveals that several shells companies have been utilized by the group to provide accommodation entries to its flagship concerns. These shell entities have been found to have routed back the unaccounted money in the guise of share capital/unsecured loan into the business of the group. In addition, accommodation entries by an entry operator through a web of numerous shell companies aggregating to more than Rs.150 crore have also been detected.

The search action has, so far, led to the detection of a total unaccounted income of more than Rs. 250 crores.

Further investigations are in progress.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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