Income Tax Dept. conducts searches against prominent coal trader in West Bengal
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Documents seized indicated that group corporations allegedly held bogus investments to the tune of ₹150 crore in unquoted fairness shares of paper entities
The Income Tax Department has carried out searches against a prominent coal trader of West Bengal, ensuing in the seizure of paperwork indicating that the group corporations allegedly held bogus investments to the tune of ₹150 crore in unquoted fairness shares of paper entities.
The searches, carried out in Raniganj, Asansol, Purulia and Kolkata on Thursday, had been primarily based on the intelligence about massive scale unaccounted money being generated and used for varied functions, the company mentioned in an announcement. Unaccounted money and bullion of round ₹7.3 crore had been seized.
The company mentioned that of the overall quantity, investments of about ₹145 crore had already been bought. These had been discovered to be sham transactions, as purportedly admitted by the assessee in the assertion recorded in the course of the search.
The division mentioned: “The searches have also led to seizure of a substantial number of incriminating documents showing cash generation in coal and sand trading, sponge iron sales, etc. Documents have also been seized indicating huge unaccounted expenses for facilitation of coal transport and various trading activities.”
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