The Income Tax Department has detected undisclosed income of about Rs 300 crore after it raided some Kolkata-based entities engaged pharmaceuticals, and diagnostic and hospital services, the Central Board of Direct Taxes said on Wednesday. The department also seized Rs 87 lakh cash and jewellery worth Rs 61 lakh during the searches that were launched on February 5 at 17 locations in Kolkata, Haidwar and Bhubaneswar.
The cases were developed based on available data in the departmental database, analysis of their financial statements, market intelligence and field inquiries, the Central Board of Direct Taxes (CBDT) said in a statement. It added that the income tax department has found "incriminating evidence revealing various shell entities being used for raising bogus share capital and unsecured loans, expenditure incurred in renovation of property in cash among others." "Evidence of out of books cash transactions has also been found…it has been established that the groups have used paper or shell companies to route back their own unaccounted money," the CBDT said.
A finance broker engaged in facilitating cash loans to some of the entities was also covered during the operation and the broker "confirmed" the transactions, the statement said. "A total concealment of income amounting to Rs 300 crore has been detected so far," the CBDT, that frames policy for the tax department, said.
The business groups have "made an admission of undisclosed income amounting to Rs 50 crore", it claimed. Eight lockers found during the raids have been put under "restraint", it said.