Goa Times
Finance/Money

Income Tax Department conducts searches in Kolkata

Kolkata : The Income Tax Department carried out search and seizure action on two Kolkata-based Groups engaged in manufacturing & trading of Steel, trading of marbles & stones, food grains etc.

The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus share capital/unsecured loans, discrepancies in stock and out of the books cash transactions. The Groups have accepted that they used paper/shell companies to route back their own unaccounted money. A total concealment of income amounting to Rs. 178 crore has been detected so far including excess stock of Rs. 38 crore.
The search action has resulted in seizure of unaccounted cash of Rs. 1 crore and jewellery worth Rs. 1.42 crore.
Further investigations are in progress.(PIB)

Related posts

Kotak Mahindra Bank advises customers to adopt safe banking practices on rising cases of online frauds in Gujarat

Goa Times

Embargo lifted on grant of Government Business to Private Banks

Goa Times

“DeFi” & “Trust Wallet” – Legal & Regulatory Concern in Crypto Space Globally?

Goa Times

Kotak Reduces Home Loan Interest Rates to 6.75%

Goa Times

SBI Card and BPCL launch BPCL SBI Card OCTANE

Goa Times

SBI Card gives customers added reason to celebrate with its festive offers for 2020

Goa Times

Leave a Comment