September 28, 2021 2:46:22 am
The income-tax (I-T) department on Monday said it has detected unaccounted income of over Rs 300 crore in searches carried out on a group of four steel rolling mills at Jalna in Maharashtra. The tax operation was conducted on September 23 in more than 32 premises spread across Jalna, Aurangabad, Pune, Mumbai and Kolkata, said the tax body.
The department, without naming the companies, said it has found “many incriminating documents, loose sheets and other digital evidence” during the searches. It added that it has also found evidence of unaccounted “purchases” of Rs 200 crore and huge quantity of unaccounted stock at the factory premises of the companies.
“These evidences clearly indicate the involvement of the companies in large scale unaccounted financial transactions made outside the regular books of accounts, including inflation of purchases using entry providers, unaccounted cash expenses and investments, etc. The evidences found also indicate the laundering of substantial amounts of unaccounted income earned by the companies in the guise of share premium and unsecured loans using shell companies,” said the department.
The I-T department has also unearthed 12 bank lockers, unaccounted cash of Rs 2.1 crore and jewellery worth Rs 1.07 crore during the searches. “The four companies have already disclosed additional income to the extent of Rs 71 crore consequent to the search,” said the department. The four steel companies are engaged in the business of manufacturing steel, TMT bars and billets mostly using steel scrap as raw material.
Last week, the I-T department had searched three developers from Pune, Thane and Yavatmal, including a builder connected to Congress leader Ashok Chavan.
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