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Home / News / India News / I-T Department detects black income of Rs. 100 crore
India

I-T Department detects black income of Rs. 100 crore

I-T Department detects black income of Rs. 100 crore
Written by Sneha Das
(Sourced from PTI)
Dec 27, 2020, 11:11 am 3 min read
I-T Department detects black income of Rs. 100 crore

An unaccounted income of Rs. 100 crore has been detected after the Income Tax Department raided three "leading" contractors of Northeast India based in Assam earlier this week, the Central Board of Direct Taxes (CBDT) said on Saturday. The search and survey action was initiated on December 22 at 14 locations in Guwahati, Silapathar, and Pathsala in Assam and in Delhi.

Cash and jewelry seized
'Cash of Rs. 2.95 crore has been seized'

"Cash of Rs. 2.95 crore has been seized. Overall, undisclosed income to the tune of approximately Rs. 100 crore has been unearthed so far during the search and survey operation," the Board said in a statement. It added that "jewelry of Rs. 9.79 lakh has been seized and the sources of acquisition of some other jewelry worth Rs. 2 crore is under verification."

Involvement
Leading contractors of Northeast are involved in the case

Entities involved include "leading contractors of Northeast and one group is also involved in the hospitality business," the CBDT said. "The main allegation against the three groups is that they have taken accommodation (dubious) entries in the form of non-genuine unsecured loans and also securities premium from dubious Kolkata-based shell (dummy) companies," it added.

Quote
Groups have suppressed their net profit across the years: CBDT

"The three groups have suppressed their net profits across the years and routed back into business the unaccounted income through entry operators based out of Guwahati and Kolkata," the CBDT said.

Details
Shell companies that gave out loans exist 'only on paper'

It has been established, the statement said, that the shell companies from which loans/premium had been taken exist "only on paper" and have no real business and creditworthiness. "The entry operators, on being questioned, have admitted that the unsecured loans/share premium from the shell companies to the groups are non-genuine and bogus," it said.

Quote
Cash trail evidence was unearthed during the search

"It has been established that amounts to the tune of about Rs. 65 crore were routed back into regular books involving shell companies which actually represent unaccounted income of the group," the CBDT said.

Detection
A number of suspect cash transactions have been detected

The Board said a number of suspect cash transactions have been detected. "It has been gathered during the search action that one of the groups engages in huge cash transactions in hospitality business of proportions as high as 50% which is under examination," it said. "Some of the entities of the groups engage in purchases of jewelry in cash," it said.

Quote
Investigation on to detect the actual quantum involved in evasion

"The source of the cash purchases are under examination," the CBDT said. Further investigation is on to detect the actual quantum involved in tax evasion even as a locker found during the raids is yet to be "operated," it added.

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Sneha Das <br/><i>(Sourced from PTI)</i>
Sneha Das
(Sourced from PTI)
Twitter
Sneha Das is a lifestyle writer at NewsBytes. She had started her career with NewsBytes and her work has focused on national and lifestyle news. She has previously worked as an intern with The Sakal Times, The Logical Indian, and 91.9 Friends FM. She has a Bachelor's degree in Journalism and Mass Communication from the University of Calcutta.
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Income Tax Department of India
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