I-T detects Rs 250-cr 'black income' at Kolkata firm

Tribune News Service

New Delhi, September 1

The Central Board of Direct Taxes (CBDT) has said that I-T sleuths have detected “unaccounted” income of more than Rs 250 crore after they recently conducted raids at the premises of a Kolkata-based group engaged in manufacturing of power transmission and distribution equipment besides a few other businesses.

The searches were launched on August 24 and 28 on the premises of the group, which is also involved in manufacturing of steel pipes and polymer products, in West Bengal and Jharkhand, it said.

“Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan has been found and a preliminary analysis of seized evidence reveals that several shell (bogus) companies have been utilised by the group to provide accommodation (hawala) entries to its flagship concerns,” the CBDT said.

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