I-T department conducts searches in Assam – Times of India

NEW DELHI: The Income Tax (I-T) department conducted search and survey action from December 4 at twenty-one locations in Assam, including Guwahati, Digboi and Margherita.
In an official realase on Monday, the I-T department said that the searches were conducted in case of leading Coal Traders of Assam.
The group has been accused of routing accommodation entries of more than Rs 23 crore and Rs 62 crore in the form of non-genuine share capital and non-genuine unsecured loans respectively, through certain Kolkata-based shell companies. All this was done by suppression of its true net profit.
During the course of the search, the I-T department found that the group engaged in out-of-books transactions worth more than Rs 150 crore.
Handwritten documents/diaries regarding cash transactions have been recovered which are not reflected in the regular books of accounts. Out of this, payments worth over Rs 100 crore have been found to be violative of various sections of the Income-tax Act, 1961.
Further, loan transactions made in cash were also found to be more than Rs 10 crore. Stock difference of more than Rs 7 crore was also found and no cogent explanation regarding the same was provided.
In the office of the Kolkata-based shell company acquired by one of the entities of the group, no books of accounts and ROC mandated documents were found, proving the same to be a bogus entity used only to route unaccounted income of the group.
In addition, unexplained cash of approximately Rs 3.53 crore has been found during the search, which has been seized by the department. Cash investments in share capital during demonetization period were also detected.
The department is conducting further investigations on the matter.

Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Equity Monday: HungryPanda raises $70M, trade tensions, and cross-border...

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers...

Feeling Worried? This 5-Minute Exercise, Invented by a Psychologist,...

Feeling worried? There's something you can do about it. Psychologist Kailey Spina Horan, Ph.D. has...

Nirav Modi extradition trial to resume in UK court...

LONDON: Fugitive diamond merchant Nirav Modi, who has been lodged at a prison in...