IT search on two Kolkata based Groups

IT search on two Kolkata based groups unearths concealment of income (Rs. 178 crore), excess stock (Rs. 38 crore), seizure of unaccounted cash (Rs. 1 crore)/ jewellery (Rs. 1.42 crore).

CBDT Press Release dt. 31/12/2020: IT Search in Kolkata

Income Tax Department conducts searches in Kolkata

The Income Tax Department carried out search and seizure action on two Kolkata based Groups engaged in manufacturing & trading of Steel, trading of marbles & stones, food grains etc.

The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/ unsecured loans, discrepancies in stock and out of the books cash transactions. The Groups have accepted that they used paper/ shell companies to route back their own unaccounted money. A total concealment of income amounting to Rs. 178 crore has been detected so far including excess stock of Rs. 38 crore.

The search action has resulted in seizure of unaccounted cash of Rs. 1 crore and jewellery worth Rs. 1.42 crore. Further investigations are in progress.

CBDT Updates (Income Tax)
Income Tax Circulars, Instructions, Notifications, Orders, Press Releases, etc. issued by the Central Board of Direct Taxes (CBDT) in different years:
CBDT Circulars: 2021, 2020, 2019, 2018, 2017
CBDT Instructions: 2020, 2019, 2018, 2017, 2016, 2015
CBDT Notifications: 2021, 2020, 2019, 2018, 2017
CBDT Orders: 2021, 2020, 2019, 2018, 2017
CBDT Press Releases: 2021, 2020, 2019, 2018, 2017, 2016, 2015
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