Over ₹125 cr. unaccounted income detected in I-T searches on Bengal firms
The Hindu
The two Asansol-based groups are engaged in iron and steel, infra, cement and food processing business
Searches by the Income Tax department at 30 locations related to two prominent Asansol-based groups in West Bengal have led to detection of unaccounted income exceeding ₹125 crore.
The groups are engaged in the business of iron and steel products, infrastructure, cement, poly fabs, agro tech and food processing. They indulged in unaccounted cash sales, inflation of expenses through claim of bogus purchases and routing of unaccounted income via accommodation entries for tax evasion.
The department found that the suspects had been using memory cards to store details of a parallel set of unaccounted sales, excel sheets of actual production data, parallel tally accounts files, cash payment details made to various parties and other related information. They have seized several such cards.
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