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The Income Tax Department has detected tax evasion of more than Rs 200 crore after it raided three “leading” entities of Assam involved in construction and tea garden businesses, the CBDT said on Wednesday. The search and survey operation was carried out on January 29 at about 20 locations in Guwahati, Tezpur, Nalbari (all in Assam), Delhi, Gurugram, and in West Bengal’s Kolkata, Siliguri and Alipurduar.
“Total evasion of income in these cases exceeds Rs 200 crore. Nine bank lockers have been found, which are yet to be operated,” a CBDT spokesperson said in a statement. Cash worth Rs 42 lakh was also seized during the operation, it added.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The main allegations against the three groups, it said, were that they had been inflating expenses and had taken accommodation entries in the form of non-genuine unsecured loans and security premium.
“These entities had suppressed their net profits across the years by claiming bogus expenses and routed back the same into business in the form of share premium, share capital and unsecured loan,” the Board alleged. It said tax sleuths unearthed hand written notes depicting unexplained expenses of approximately Rs 87 crore.
“Entries from shell companies in the form of share capital and unsecured loans and by way of amalgamation to the tune of approximately Rs 100 crore were also found,” it said. Some digital evidences recovered showed “discrepancy” in cash balance of Rs 4.20 crore along with bogus booking of expenses at the end of financial year, it claimed.
“Financial statement showing Rs 32 crore profit with cash balance of Rs 12 crore was found that did not match with the regular books,” the statement said. Digital back-up of servers, computers and phones had been taken for further examination which will give actual picture of the business of the assessees, it said.
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