₹ 450 Crore concealment detected in IT searches in Kolkata

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The CBDT has announced in a statement that the Income Tax Department has exposed undisclosed revenue of over Rs 450 crore after it raided some Kolkata-based entities involved in several businesses. In this article, we will discuss on ₹ 450 Crore concealment detected in IT searches in Kolkata.

₹ 450 Crore concealment detected

The Income Tax Department has identified undisclosed revenue of over Rs 450 crore after it charged some Kolkata-based entities involved in numerous businesses.  Such as running of hotels and wholesale trading of fruits, the CBDT announced on January 16, 2021. The research and survey method had taken out and the department also seized Rs 1.58 crore in cash.

Also, the research and seizure operation has ended in the unearthing of damaging documents of undisclosed cash sales and claim of bogus expenses. Since, during the search operation, incriminating documents have attained which exposed the sale of shares of unlisted companies. through layering to bring back unaccounted cash in the books of the statement in the form of unsecured loan and share capital.

 CBDT Frame Policy for Tax Department

Additionally, the Central Board of Direct Taxes frames system for the tax department. Round tripping of unaccounted wealth through expert help has also been detected.

Evidence of booking a bogus loss on the sale of penny stocks, advancing of unaccounted cash loan and earning of unaccounted commission, brokerage and interest has also detected.

Also, Concealment of revenue amounting to more than Rs 450 crore has been detected till now, the CBDT added.

Further Explanation by CBDT

Further, the assessee has made an allegation of undisclosed income amounting to Rs 105 crore, it pretended. Therefore, the cases against persons and entities involved in the business of hotels, real estate, automobile, financing and wholesale trading of fruits.

Although it has developed on the basis of applicable data in the department database, and the interpretation of their financial statements, market intelligence and strategic field enquiries.

Income Tax Dispute Settlement Scheme 2020

If you want any other guidance concerning ITR Filing, please feel free to talk to our business advisors at 8881-069-069.

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