The Income Tax Department carried out search-and-seizure operations on 22.12.2021 on two prominent business groups of Raipur and Korba, engaged in the businesses of manufacturing iron and steel products, coal washery and transportation.
As per an official release, the search action covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh.
During the course of the search action against one of the groups, various incriminating documents and digital evidence were found, including a parallel set of cash books. The preliminary analysis of these parallel sets of cash books revealed a systematic record of unaccounted transactions of more than Rs. 200 crore.
Later, it came to light that certain entities of this group were indulged in hiding recrods of actual production and unaccounted sales made in cash. In the case of one such entity, a parallel set of books of account bore evidence of transactions of about Rs.50 crore, which is not reflected in the regular books of account.
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 analysis of incriminating documents and other related evidence in the case of another group clearly indicates that this group is indulged in various sorts of malpractices to evade taxes on its income by resorting to obtaining 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.
So far, the search action has led to the seizure of unexplained cash and jewellery of more than Rs. 3 crore.
Further investigations are in progress.
( With inputs from ANI )
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