New Delhi, Dec 29 (Agency) The Income Tax (I-T) department on Wednesday said it has conducted search operations on two business groups of Raipur and Korba in Chhattisgarh and detected unaccounted transactions of over Rs 200 crore. The search action on December 22 covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh. “During the course of the search action, in one of the groups, various incriminating documents and digital evidences have been found and seized including a parallel set of cash books. The preliminary analysis of these parallel set of cash books reveals that it contains a systematic record of unaccounted transactions of more than Rs 200 crore,” the I-T department said in a statement. It has been claimed that certain entities of this group indulged in suppression of actual production and subsequent unaccounted sales made in cash, which are not 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. The search team has also found that this group is evading their taxable income by obtaining bogus purchase invoices from related group entities engaged in transportation as well as from entry providers, the statement said. In the case of another group the tax department said that recovered documents clearly indicates that the group indulged in various malpractices to evade taxes on its income by resorting to obtaining of share capital with unsubstantiated share premium and claim of expenses on bogus purchases. “The key person of this group has admitted an undisclosed income of Rs 20 crore,” said the tax department. The search action has so far led to the seizure of unexplained cash and jewellery of more than Rs 3 crore and further investigations are in progress. The two groups are engaged in the business of manufacturing of iron and steel products, coal washery and transportation among others.