Two Groups based in Asansol are engaged in Iron & Steel, Infra, Cement and Food Processing business
Searches by the Income Tax Department at 30 locations belonging to two major Asansol-based clusters in West Bengal have revealed unaccounted income of over ₹125 crore.
The group is engaged in the business of iron and steel products, infrastructure, cement, polyfab, agro-tech and food processing. They indulged in routing of unaccounted income through housing entries for unaccounted cash sales, inflation of expenses through fraudulent purchase claims and tax evasion.
The department found that the suspects were using memory cards to store details of parallel sets of unaccounted sales, excel sheets of actual production data, files of parallel reconciliation accounts, details of cash payments made to different parties and other related information. . They have confiscated many such cards.
Preliminary analysis of the seized SD cards and related evidence revealed that they contained details of unaccounted cash handled by the directors and key employees of the owners of the two entities. “The key individuals of one of the clusters have admitted to have generated unaccounted income of over ₹66 crore through unaccounted cash sales from their manufacturing units during the financial year 2020-21,” the IT department said.
In the case of some other entities, the agency found evidence of baseless purchase claims. The Directors accepted that the “purchases” of ₹20 crore were in fact undisclosed income.
shell institutions
According to the IT department, several paper companies were used to provide housing entries to major companies. “These shell entities have been found to refund the unaccounted money of the group in the guise of share capital/unsecured debt in the books of accounts of these entities. It is confirmed, acknowledged by the directors of the entities concerned that the quantum of such routing is more than ₹ 40 crore,” it said.
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