New Delhi: The Income Tax Department has detected unaccounted income of over Rs 250 crore after searching a prominent Kolkata-based group manufacturing power transmission and distribution structures and polymer products, an official statement said on Thursday.
The search was conducted on August 28 and covered 28 premises spread over West Bengal and Jharkhand.
''During 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," the statement said.
"Moreover, evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan has also been found and seized,'' it said.
''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 or 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,'' it added. (UNI)
