The Income Tax department has detected unaccounted money in two “prominent” groups in Chhattisgarh that run coal washeries, and manufacture and transport iron and steel products.
Search and seizure operations were carried out over 35 premises in Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh on Dec. 22, 2021, the investigating agency said in a statement.
One of the groups possessed incriminating documents, digital evidences as well as a parallel set of cash books that contained a systematic record of unaccounted transactions of more than Rs 200 crore, the statement said. Certain entities of this group, it said, were suppressing actual production and subsequent unaccounted sales made in cash, which weren't recorded in the regular books of account.
"In the case of one such entity, parallel set of books of account evidencing transactions of about Rs 50 crore, which are not reflected in the regular books of account, have been found and seized," it said. The search team also found that this group evaded its taxable income by obtaining bogus purchase invoices from related group entities engaged in transportation as well as from entry providers, it said.
The second group, the statement said, indulged in “various malpractices to evade taxes on its income by resorting to obtain share capital with unsubstantiated share premium and claim of expenses on bogus purchases”. A key person of this group admitted an undisclosed income of Rs 20 crore, it said.
While an investigation is underway, searches so far have resulted in seizure of “unexplained cash and jewellery” of more than Rs 3 crore.
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