Search operations are being carried out at number of locations in Assam, Delhi: CBDT (Representational)

New Delhi:

The Income Tax department has conducted search operations against three leading companies in 14 locations, the Central Board of Direct Taxes (CBDT) said on Friday.

As per CBDT, the search operations are being carried out at a number of locations in Assam as well as in Delhi.

“Income Tax Department started a search and survey action on December 22 in the cases of three leading contractors of Northeastern India. One of the groups is also into Hospitality business. The Search and Survey actions are being carried out at 14 locations in Guwahati, Delhi, Silapathar and Pathsala,” a press release issued by the department said.

It added, “The main allegations against the three groups are that they have taken accommodation entries in the form of non-genuine unsecured loans and also securities premium from dubious Kolkata based shell companies.”

The department further said that the three groups “suppressed their net profits across the years “and routed back the unaccounted income into the business with the help of entry operators based in Kolkata and Guwahati.

“During the course of search actions, it has been established that the shell companies from which loans/ premium had been taken exist only on paper and have no real business and creditworthiness. The entry operators on being questioned, have admitted that the unsecured loans/share premium from the shell companies to the groups are non-genuine and bogus,” the CBDT further said.


The statement added, “Evidences of the cash trail of routing of funds through securities premium was unearthed during search. It has been established that amounts to the tune of about Rs 65 crore were routed back into regular books involving shell companies which actually represent unaccounted income of the group. Further investigation is on to detect the actual quantum involved in tax evasion using this modus operandi.”

According to the department, it was also found during the search operation that one of the groups engaged in huge cash transactions in hospitality business of proportions as huge as 50 per cent, which is being examined.

Some entities of the groups engage in purchases of jewellery in the form of cash . The source of the cash purchases are also being examined, it added.

“Till now, jewellery to the tune of Rs. 9.79 lakh has been seized. The sources of acquisition of remaining jewellery found exceeding Rs 2 crore are under verification. Cash of Rs 2.95 crore has also been seized. Overall, undisclosed income to the tune of approximately Rs. 100 crore has been unearthed so far during the Search and Survey operation. One locker has been found, which is yet to be operated,” the CBDT added.

Further investigation is on.

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