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Income tax raids in Northeast and West Bengal, black money worth Rs 250 crore found

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The Central Board of Direct Taxes (CBDT) on Friday claimed that the Income Tax Department has detected undisclosed income of Rs 250 crore during raids on two groups involved in cement manufacturing and railway contracts in the Northeast region and West Bengal.

The CBDT said that the raids conducted on October 5 and October 15 included the premises of Kolkata, Guwahati, Rangiya, Shillong and Patna. “In these search and seizure operations, undisclosed income of more than Rs 250 crore was unearthed and benami cash worth over Rs 51 lakh was seized,” a statement said.

CBDT formulates policy for Income Tax Department. Nine bank lockers have been banned, the statement said. Referring to the action taken against the cement manufacturing group, the CBDT said the group “earned benami income by selling off the books and showing bogus expenses”.

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According to the statement, “this benami proceeds were brought back into business through shell companies”.

The CBDT said the second group is engaged in implementing railway contracts in Assam, Mizoram and other parts of the Northeast. “A large number of sale deeds relating to land and properties have been found, the value of which may exceed Rs 110 crore,” the statement said. During the search, corroborative evidence could not be produced to show the source of purchase of these properties.”

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