The Income Tax Department has unearthed undisclosed income of more than Rs. 300 crore after conducting raid at a Kolkata-based group that is into the business of manufacturing iron, steel and tea, said the CBDT. "A total concealment of income amounting to Rs. 309 crore has been detected so far." "The assessees have made an admission of undisclosed income amounting to Rs.175 crore," the CBDT said in a statement.
The search operation was undertaken at 25 locations in Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and some other places on January 29 based on the information available with the department from the entity's financial statements, field enquiries and market intelligence, it said.
The action "resulted in unearthing of incriminating evidence revealing various shell or paper entities being used for raising bogus share capital and un-secured loans", added the CBDT. "Evidence of out of the books cash transactions has also been found," it claimed. The members of the group have made use of paper or shell companies for routing back their unaccounted funds, said the official.