New Delhi: The Income Tax Department’s search and survey action against three leading contractors of north-eastern India has led to the alleged unearthing of undisclosed income of nearly Rs 100 crore so far. One of the groups is into hospitality business.
The searches have been carried out at 14 locations in Delhi, and Guwahati, Silapathar, and Pathsala in Assam.
The three groups were accused of making accommodation entries in the form of non- genuine unsecured loans and also securities’ premium from dubious Kolkata-based shell companies.
The three groups also allegedly suppressed net profits over the years and routed back the unaccounted income into business through entry operators based out of Guwahati and Kolkata, the department said in a statement.
During the course of searches, it was established that the shell companies from which loans/premiums had been taken existed only on paper and had no real business and creditworthiness.
The entry operators, on questioning, admitted that the unsecured loans/share premiums from shell companies to the groups were not genuine. Evidence of the cash trail of funds routed through securities’ premium was unearthed during searches, the I-T Department said.
Around Rs 65 crore was allegedly routed back into regular books through shell companies, which actually represented unaccounted incomes of the groups. Further investigation was on to detect the actual tax evasions through this modus operandi.
One of the groups engaged in huge cash transactions in hospitality business which was as high as 50 per cent, which the department is scrutinising. Some of the entities of the groups engaged in purchase of jewellery in cash, the source of which is subject matter of scrutiny.
Till now, jewellery to the tune of Rs 9.79 lakh and Rs 2.95 crore in cash has been seized. The sources of acquisition of remaining jewellery exceeding Rs 2 crore are under verification.
The department said that undisclosed income to the tune of approximately Rs 100 crore has been unearthed so far during the Search and survey operation. One locker has also been found, which is yet to be opened.