NEW DELHI: The Income tax The IT department conducted a search and on-site survey of “leaders” Assam coal traders and detected alleged unaccounted income of more than Rs 150 crore, the income tax department it said in an official statement Monday.
The operations were carried out since December 4 at 21 locations in Guwahati, Digboi, Margherita (Tinsukia district) and Delhi, it said.
“During the course of the search, the IT department found that the group was conducting off-the-books transactions worth more than Rs 150 million. Handwritten documents / journals on cash transactions have been recovered that are not reflected in the usual ledgers. Outside of this, payments worth more than Rs 100 million have been found to violate various sections of the 1961 Income Tax Act, “said the tax department.
The group has been accused of routing accommodation inflows of more than 23 million rupees and 62 million rupees in the form of non-genuine equity capital and non-genuine unsecured loans, respectively, through certain Kolkata-based shell companies.
“All of this was done by suppressing its true net profit,” he said.
In addition, it was also found that loan transactions made in cash exceeded Rs 10 million. A stock difference of more than Rs 7 million was also found and no convincing explanation was provided regarding it.
“In the office of the Calcutta-based shell company acquired by one of the group entities, no accounting books or mandatory documents from the ROC were found, proving that it is a fake entity used only for routing group unaccounted for income, “they said.
Furthermore, unexplained cash of approximately Rs 3.53 crore was found during the search, which has been seized by the department. Cash investments in equity were also detected during the demonetization period.
The department is conducting further investigations in this regard.
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