The Income Tax Department carried out search and seizure action on three real estate and stockbroking groups of Kolkata on 05.01.2021. The search operation was conducted based on the available data in the departmental database, analysis of their financial statements, market intelligence, and field enquiries.
The search action has resulted in the unearthing of incriminating evidence revealing various shell entities being used for raising bogus share capital/unsecured loans. Evidence of the books cash transactions have also been found. Further, a significant amount of un-booked revenue on account of the sale of flats was detected. During the course of search proceedings, as a result of inquiries conducted, it has been established that the persons of the group have used paper/shell companies to route back their own unaccounted money. Total concealment of income amounting to Rs. 365 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to Rs. 111 crores.
The search action has resulted in the seizure of unaccounted cash of Rs. 3.02 crore and jewelry worth Rs. 72 lakh.
Further investigations are in progress.
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