I-T raids in Jharkhand unearth Rs 2 cr cash, Rs 100 cr unaccounted deals

Jharkhand’s income tax department recovered Rs 2 crore in cash, Rs 100 crore in unaccounted investments/transactions and a total of 16 bank lockers have been put under restraint after a series of search and seizure actions on 50 premises in various states.
These raids were done on a few business groups engaged in coal trading/ transportation, execution of civil contracts, extraction of iron ore and production of sponge iron on 4 November 2022. Those searched include two politically exposed persons and their associates. The searches were carried out at more than 50 premises spread over Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram and Kolkata.
The search operation has led to the seizure of a large number of incriminating documents and digital evidence. A preliminary analysis of this evidence indicated 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, it has also been found that investments have been made in immovable properties, the source of which could not be fully explained.
According to the statement of the Central Board of Direct Taxes (CBDT), the search operation also revealed that one of the groups engaged in civil contracts was not maintaining regular books of account. The group has been inflating its expenses by entering into non-genuine transactions of purchase of raw material/ sub-contract expenses in lump sum at the fag end of the year. Evidence seized also suggested that unfair payments in cash had been made to secure contracts.
The CBDT statement stated in the case of the other group engaged in coal trading/ extraction of iron ore, etc, unaccounted stock of iron ore of huge value has been found, which is yet be quantified. The said group has also introduced its unaccounted money in the form of unsecured loans and share capital by layering the transactions through shell companies. Professionals associated with this group admitted that they had not verified any supporting documents and had signed the audit report prepared by the group’s accountant without due diligence, the statement added.

TDG Network

Recent Posts

Israeli Airstrikes Kill 80 Including Children Despite Gaza Ceasefire Deal

Despite a ceasefire deal, Israeli airstrikes in Gaza killed 80 people, including children, sparking renewed…

3 minutes ago

Houthis Continue Red Sea Assault, Targets Merchant Ships

Houthis warn of renewed assaults on Red Sea vessels if the Israel-Hamas truce is violated,…

16 minutes ago

Ashok Gehlot Defends Rahul Gandhi, Launches Strong Attack On RSS

The BJP is intensifying its criticism of the remarks made by Leader of Opposition in…

25 minutes ago

India in intelligent era, tech-driven governance

BJP formed a third successive government under the leadership of Prime Minister Narendra Modi. Since…

53 minutes ago

Ceasefire in Gaza: A temporary respite or a prelude to future conflict?

The announcement of a ceasefire deal in conflict between Hamas and Israel This agreement marks…

56 minutes ago

Pope Francis Suffers Arm Injury After Second Fall in a Month

Pope Francis injured his arm after suffering his second fall within a month. The incident…

1 hour ago