IT dept detects Rs 125 cr black money after raids on two WB groups

The Income Tax Department has detected unaccounted income of over Rs 125 crore after it raided premises of two Asansol-based groups engaged in manufacturing steel and iron products among others, the CBDT said on Tuesday.

The searches were launched on December 16 and about 30 premises of the unidentified groups -- also involved in cement, poly fabs and agro-tech business -- were covered.

"The search has resulted in seizure of unaccounted cash and jewellery of more than Rs 2 crore and has, so far, led to detection of total unaccounted income exceeding Rs 125 crore," the Central Board of Direct Taxes (CBDT) said in a statement.

It said incriminating evidence in the form of documents and digital data stored in SD cards, WhatsApp chats, etc. have been seized.

"The SD cards have been used to keep details of a parallel set of unaccounted sales, excel sheets of actual production data, parallel tally accounts files, cash payment details made to various parties, etc." the policy-making body for the tax department said.

It said "unaccounted cash" was handled by key employees of the directors and owners of the entities.

"The key persons of one of the groups have admitted that unaccounted income of more than Rs 66 crore has been generated through unaccounted cash sales from its manufacturing units during the financial year 20-21,” the CBDT added.

"In certain other entities, evidence has been found relating to claims of unsubstantiated purchases, out of which purchases to the extent of Rs 20 crore have also been admitted by the directors as undisclosed income," the statement claimed.

It said "paper companies" were being run by entry operators (hawala operatives).

"These shell entities have been found to have routed back the unaccounted money of the group in the guise of share capital/unsecured loan into the books of account of these entities,” the CBDT said.

"It has been corroborated, with admission by directors of these entities concerned, that, quantum of such routing exceeds Rs 40 crore," the CBDT said.