I-Tax Dept conducts searches in WB, claims to have detected unaccounted income of over Rs 250 Cr

New Delhi, Aug 31 (Agency) The Income Tax Department has carried out a search and seizure operation on two prominent real estate groups of Kolkata, an official statement said on Wednesday. The department claimed that the search action carried out on August 18, 2022, led to a detection of a total unaccounted income of more than Rs 250 crore. During the course of search proceedings, 16 bank lockers were found which were placed under restraint, the statement said.

“During the course of the search operation, a large number of incriminating evidence including documents and digital data have been found and seized. There are evidences of out of books cash transactions and on-money receipts. Several documents and electronic data indicate routing of unaccounted money through shell companies,” the statement said. “Further, some of the evidences found during the search operation indicate use of unaccounted funds in land acquisition. The key persons admitted use of shell companies for infusion of unaccounted funds in the form of share capital, share premium and unsecured loans through sale of bogus investments,” the statement added.