Patna Income Tax detects Rs 41 Cr undisclosed income

Patna Income Tax detects Rs 41 Cr undisclosed income


PATNA, JULY 29, 2013: THE Income Tax (Investigation) has raided one leading steel company manufacturing ingot and silico manganese. As per the I-T sources, the total disclosure of unaccounted wealth was made to the tune of Rs 41 Cr by the companies of a well knwon Group in Eastern India. A total seizure of Rs. 1.58 crores consisting of Rs. 76 lakh cash and Rs. 82 lac jewellery ) was made.

As per the documents seized, the sources say that the assessee has done large-scale suppression of sales and the money generated out of books were pumped into sister concerns in the form of share capital. The entire transactions have allegedly been managed through a web of fake companies, which was verified by Surveys u/s 133A done in Kolkata.