IT officials detect unaccounted income of Rs 250 crore in raids on transmission tower manufacturing group in Bengal
New Delhi, September 1, 2022
Income Tax (IT) officials have detected unaccounted income of more than Rs. 250 crore during searches on a prominent transmission tower manufacturing group in West Bengal.
The IT Department carried out the search and seizure operation on the Kolkata-based group, engaged in manufacturing of power transmission & distribution (T&D) structures, steel structures, steel ERW pipes and polymer products, on August 24, a press release from the Ministry of Finance said.
The search action covered 28 premises spread over West Bengal and Jharkhand, it said.
"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 booking of bogus expenditure and undisclosed cash sales has been found. Moreover, evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and seized.
"A preliminary analysis of seized evidence reveals that several shell companies have been utilised 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 detection of total unaccounted income of more than Rs. 250 crore. Further investigations are in progress," the release added.