The Income Tax (IT) service detected black money from ??200 crore after raids on two trading groups in Chhattisgarh. The raids were carried out on December 22 on two groups from Raipur and Korba, engaged in the activities of steelmaking, coal washing and transport.
The search action covered more than 35 locals spread across Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh. Computer detectives found various documents, including a parallel set of cash books.
“Preliminary analysis of this parallel set of cash books reveals that it contains a systematic record of unrecorded transactions over Rs. 200 crore,” the Central Commission on Direct Taxes (CBDT) said in a statement.
The tax agency said that some entities in this group have engaged in the suppression of actual production and subsequent unaccounted for sales made in cash, which are not recorded in the regular books of account.
“In the case of one of these entities, a parallel set of books of accounts evidencing transactions of around Rs 50 crore, which are not in the ordinary books of account, were found and seized,” the statement said. .
In addition, the research team also discovered that this group was evading its taxable income by obtaining false purchase invoices from related group entities engaged in transportation as well as from input suppliers.
In the case of another group, the agency noted, the evidence clearly indicated that this group had engaged in various embezzlements to evade tax on its income by resorting to obtaining share capital with a premium. unjustified issuance and claiming expenses on false purchases.
“The key person in this group admitted an undisclosed income of Rs.20 crore. So far, the search action has led to the seizure of unexplained cash and jewelry over Rs. 3 crore, “the statement added.
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