The Income Tax Department Researches a Major Transmission Tower Manufacturing Group in West Bengal

Income tax – India


0


0

Azadi Ka Amrit Mahoutsav

InterServer and VPS Web Hosting


Reading time:1 minute, 14 seconds

The Income Tax Department Researches a Major Transmission Tower Manufacturing Group in West Bengal

By GDP Delhi

The Income Tax Department carried out a search and seizure operation on 24.08.2022 on a leading group based in Kolkata, engaged in the manufacture of power transmission and distribution (T&D) structures, of steel structures, ERW steel pipes and polymer products, etc. the action covered 28 locals spread across West Bengal and Jharkhand.

During the search operation, various methods of tax evasion adopted by the group were brought to light. A large body of incriminating evidence in the form of documents and digital data demonstrating the accounting of false expenses and undisclosed cash sales was found. Also, evidence of use of unaccounted cash for real estate acquisition and unaccounted cash lending etc. were also found and seized.

A preliminary analysis of the seized evidence reveals that several front companies were used by the group to provide hosting entries to its flagship companies. It was found that these fictitious entities funneled unaccounted for money back into the group business as share capital/unsecured loan. In addition, hosting entries by an entry operator through a network of numerous front companies aggregating over Rs.150 crore have also been detected.

The search action has, so far, led to the detection of total unaccounted income of over Rs. 250 crores.

Further investigations are in progress.

About the author of the article


Souman Munshi

Founding editor of IBG NEWS (15/March/2012- 09/August/2018). 2018 Udar Akash Rokeya Shakhawat Hossain Award Recipient. 2011 National Geographic & Canon Wild Clicks Jury and Public Poll Winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT, LIMS (USA & Australia), GxP (USA & UK), BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in digital and IT industry with global multinationals has worked and traveled in USA, UK, Europe, Singapore, Australia, Bangladesh and many other countries. Education and training advance R&D management and technology from India, USA, UK and Australia. More than 30 certifications from world leaders in R&D and education. Computer science teacher, IT and LIMS expert with a large following of fans in his community. Secretary General of West Bengal State Committee of All India Journalists Association


Happy

Happy




0 %


Sad

Sad



0 %


Excited

Excited



0 %


Sleepy

Sleepy




0 %


Angry

Angry



0 %


Surprise

Surprise



0 %

Advertisement

IBG NEWS Radio Services

Listen to IBG NEWS Radio Service today.

InterServer and VPS Web Hosting

About Jessica J. Bass

Check Also

Baxter County Group B jurors do not show up Monday

Baxter County Group B jurors do not show up Monday | KTLO …