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by IANS |
New Delhi, Jan 15 (IANS) The Income Tax Department carried out search and survey operations on January 13 on persons and entities engaged in the business of hotels, real estate, automobiles, financing and wholesale trade in fruits etc. at Kolkata.
The cases were developed on the basis of available data in the departmental database, analysis of their financial statements, market intelligence and discreet field enquiries.
The search and seizure operation has resulted in unearthing of incriminating documents of undisclosed cash sales and claims of bogus expenses, a CBDT statement said.
During the course of the search operation, incriminating documents have been found which revealed sale of shares of unlisted companies through layering to bring back unaccounted cash in the books of account in the form of unsecured loan /share capital, the statement added.
Round tripping of unaccounted wealth through professional help has also been detected. Evidence of booking bogus loss on sale of penny stocks, advancing of unaccounted cash loan and earning of unaccounted commission/brokerage/interest were also detected, the CBDT said.
So far, concealment of income amounting to more than Rs 450 crore has been detected. The assessee has made an admission of undisclosed income amounting to Rs 105 crore, the board said. The search action has resulted in seizure of unaccounted cash to the tune of Rs 1.58 crore.
