1. Home
2. India

Tax officials unearth unaccounted income of Rs 700 cr after searching Bengal-based steel firm

YB WEB DESK. Dated: 9/22/2021 6:56:58 AM

West Bengal, Sep 21 The Income Tax department has allegedly detected unaccounted income to the tune of Rs 700 crore by a business group involved in steel manufacturing after conducting searches in West Bengal. The searches were initiated on September 17, 2021, at 25 premises, which include eight residences, nine offices and eight factories in West Bengal’s Kolkata, Durgapur, Asansol and Purulia. The IT officials have also seized huge quantities of alleged incriminating documents and digital evidence from different premises during the searches. “Evidence pertaining to generation of unaccounted income by the group by way of unaccounted cash sales, unaccounted cash expenditure, purchase from bogus parties, under-reporting of actual production, cash purchases of scrap, several documents of land purchases and sale etc. Evidence has also been found pertaining to the utilisation of the unaccounted income in the form of unsecured loans and sale of shares of shell entities though layering of the unaccounted income,” said the IT department in a statement. According to the tax department, a large number of property documents pertaining to one of the members of the business group, showing land and property held in different names, have also been seized. “The total amount of such incriminating evidence pertaining to the manufacturing group exceeds Rs 700 crore. The operation has led to the seizure.