Undisclosed income of over Rs 300 crore was detected by the IT Department following a raid in a Kolkata-based business organisation.
The Kolkata-based group is engaged in the business of manufacturing iron, steel and tea.
“The searches were carried out on January 29 at twenty-five premises in Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and some other places on the basis of information available to the taxman through the group’s financial statements, market intelligence and field enquiries,” the Central Board of Direct Taxes (CBDT) said.
“A total concealment of income amounting to Rs 309 crore has been detected so far,” the CBTD said.
The raid resulted in unearthing of incriminating evidence revealing various shell or paper entities being used for raising bogus share capital and un-secured loans.
“Evidence of out of the books cash transactions has also been found,” CBTD claimed.
The CBDT further said, “The persons of the group have used paper or shell companies to route back their own unaccounted money.”