Kolkata: The Income Tax Department raided the hideouts of a major industry group engaged in the manufacturing business of steel products on September 17, 2021. In this case, an undisclosed income of more than Rs.700 crores has been detected. The drive was carried out in a total of 25 premises including eight houses, nine offices and eight factories of the group spread over Kolkata, Durgapur, Asansol and Purulia and other areas of West Bengal.
During the search operation, a large number of objectionable documents and digital evidence have been detected from various premises of the group. The group has revealed a number of documentary shreds of evidence relating to unaccounted cash sales, cash expenditure, purchases from fake parties, under-showing actual production, cash purchase of scrap and purchase and sale of land. Evidence of the use of unaccounted income as non-bailable loans and the sale of shares of shell (fake) companies has also been revealed.
A large number of property documents have also been recovered in the name of a member of the industry group, depicting the holding of land and property under different names. All these documents have been seized. The total amount of such objectionable evidence relating to this manufacturing group is more than Rs. An unaccounted cash amount of Rs 20 lakh has also been recovered in the operation while two lockers are yet to be opened.
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