Unaccounted Income of Rs 100 Crore has been detected after the Income Tax Department raided Three “Leading” contractors of North-East India based in Assam early this week, the CBDT said on Saturday. The SEARCH AND SURVEY action was initiated on December 22 at Fourteen Locations in Guwahati, Silapathar and Pathsala in Assam and in Delhi. “Cash of Rs 2.95 crore has been seized. Overall, undisclosed Income to the tune of approximately Rs 100 crore has been unearthed so far during the search and survey operation,” the Board said in a statement without sharing the identities of those raided. It added that “jewellery of Rs 9.79 lakh has been seized and the sources of acquisition of some other jewellery worth Rs 2 crore is under verification.” The Central Board of Direct Taxes frames policy for the I-T Department. The entities covered are “leading contractors of Northeast and one group is also involved in the hospitality Business,” it said.
“The main allegation against the Three Groups is that they have taken accommodation (dubious) entries in the form of Non-Genuine unsecured loans and also securities premium from dubious Kolkata-based shell companies.”
“The Three Groups have suppressed their net Profits across the years and routed back into Business the unaccounted income through entry operators based out of Guwahati and Kolkata,” the CBDT said. It has been established, the statement said, that the shell Companies from which loans/premium had been taken exist “ONLY ON PAPER” and have no real Business and creditworthiness.