A search and seizure action was initiated by the Income Tax Department on few business groups engaged in coal trading/ transportation, execution of civil contracts, extraction of iron ore, and production of sponge iron, on 04.11.2022.
The search operation by Income tax department has led to the seizure of a large number of incriminating documents and digital evidence.
A preliminary analysis of this evidence indicates that these groups have resorted to various modus-operandi of tax evasion including inflation of expenses, transactions of loans in cash, payments/receipts in cash, and suppression of production.
During the search by the Income Tax department, it has also been found that investments have been made in immovable properties, the source of which could not be fully explained.
The search operation also revealed that one of the groups engaged in civil contracts was not maintaining regular books of account.
During the search, undisclosed cash exceeding Rs 2 crore has been seized. A total of 16 bank lockers have been put under restraint. So far, the searches have revealed unaccounted transactions/ investments exceeding Rs 100 crore.