The tax department, without naming the companies, said it has found “many incriminating documents, loose sheets and other digital evidence” during the operation.
The Income Tax (I-T) department said it has detected unaccounted income of over Rs 300 crore during search operations conducted on a group of four steel rolling mills based in Maharashtra’s Jalna. The operation was carried out in more than 32 premises spread across Jalna, Aurangabad, Pune, Mumbai and Kolkata on September 23, the agency added.
The tax department, without naming the companies, said it has found “many incriminating documents, loose sheets and other digital evidence” during the operation. The agency said it has also found evidence of unaccounted “purchases” of Rs 200 crore and huge quantities of unaccounted stock at the factory premises of the companies.
“The evidence clearly indicates 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… The evidence found also points to the laundering of substantial amounts of unaccounted income earned by the companies in the guise of share premium and unsecured loans using shell companies,” the I-T department said.
The tax department has also unearthed 12 bank lockers, unaccounted cash of Rs 2.10 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 operation,” tax officials said.
Last week, the I-T department had also searched three developers in Pune, Thane and Yavatmal, including a builder connected to Congress leader Ashok Chavan.
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