File picture of the Revenue Tax Constructing.
The division additionally seized Rs 87 lakh money and jewelry value Rs 61 lakh through the searches that have been launched on February 5 at 17 places in Kolkata, Haidwar and Bhubaneswar.
- PTI New Delhi
- Final Up to date: February 10, 2021, 22:58 IST
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The Revenue Tax Division has detected undisclosed earnings of about Rs 300 crore after it raided some Kolkata-based entities engaged prescription drugs, and diagnostic and hospital companies, the Central Board of Direct Taxes stated on Wednesday. The division additionally seized Rs 87 lakh money and jewelry value Rs 61 lakh through the searches that have been launched on February 5 at 17 places in Kolkata, Haidwar and Bhubaneswar.
The circumstances have been developed based mostly on obtainable knowledge within the departmental database, evaluation of their monetary statements, market intelligence and discipline inquiries, the Central Board of Direct Taxes (CBDT) stated in an announcement. It added that the earnings tax division has discovered “incriminating proof revealing varied shell entities getting used for elevating bogus share capital and unsecured loans, expenditure incurred in renovation of property in money amongst others.” “Proof of out of books money transactions has additionally been discovered…it has been established that the teams have used paper or shell firms to route again their very own unaccounted cash,” the CBDT stated.
A finance dealer engaged in facilitating money loans to a number of the entities was additionally coated through the operation and the dealer “confirmed” the transactions, the assertion stated. “A complete concealment of earnings amounting to Rs 300 crore has been detected thus far,” the CBDT, that frames coverage for the tax division, stated.
The enterprise teams have “made an admission of undisclosed earnings amounting to Rs 50 crore”, it claimed. Eight lockers discovered through the raids have been put below “restraint”, it stated.