Income Tax Department carried out search and survey action on January 29 in cases that involve three leading businesses of Assam, according to a release by the Central Board of Direct Taxes.
The groups are engaged in the construction, contracting, and business of tea gardens. The search and survey actions were carried out at 20 locations in Siliguri, Alipurduar, Tezpur, and Nalbari in Assam.
"The main allegations against the three groups were that they had been inflating expenses and had taken accommodation entries in the form of non-genuine unsecured loans and security premium. These entities had suppressed their net profits over the years by claiming false expenses and routed back the same into business in the form of share premium, share capital and unsecured loan," read the release.
During the course of search actions, handwritten notes represented unexplained expenses of approximately Rs 87 crore were found, the CBDT said.
"Entries from shell compes in the form of share capital and unsecured loans and by way of amalgamation to the tune of approximately Rs 100 crore were also found. Further, extracts of digital evidence showing the discrepancy in cash balance of Rs 4.20 crore were found along with fake booking of expenses at the end of the financial year," read the release.
The CBDT said that a financial statement showing Rs 32 crore profit with a cash balance of Rs 12 crore was found that did not match with the regular books.
"Cash of Rs 42 lakh has been seized. Total evasion of income in these cases exceeds Rs 200 crore. 9 bank lockers have been found, which are yet to be operated," read the release.
( With inputs from ANI )
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