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The searches were conducted on November 4 on groups including two politically exposed persons and their associates
The searches were conducted on November 4 on groups including two politically exposed persons and their associates
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The Income-Tax department on Tuesday claimed to have detected unaccounted transactions or investments exceeding ₹100 crore during the searches on some groups engaged in coal trading, transportation and other associated businesses in Jharkhand.
According to the agency, some of the groups are also into execution of civil contracts, extraction of iron ore and production of sponge iron. The searches were carried out on November 4.
“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,” said the Income-Tax Department statement.
The agency said the groups had 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. “…investments have been made in immovable properties, the source of which could not be fully explained,” it said.
One group, which is into civil contracts, was not maintaining regular books of account. It inflated its expenses by entering into non-genuine transactions of purchase of raw material/sub-contract expenses in lumpsum at the fag end of the year. The seized evidence also suggested that unfair payments in cash had been made to secure contracts, said the agency.
In the case of another other group engaged in coal trading/extraction of iron ore etc, unaccounted stock of iron ore of huge value was found, the department said.
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