Undisclosed Income Worth Rs 365 Crore Detected After Raids In Kolkata

The action -- based on data available in the departmental database, analysis of their financial statements, on market intelligence and field enquiries -- was carried out on January 5.

Undisclosed Income Worth Rs 365 Crore Detected After Raids In Kolkata

Significant amount of revenue on account of sale of flats was detected, officials said (Representational)

Kolkata:

The Income Tax Department has detected undisclosed income of Rs 365 crore after it raided three real estate and stock broking groups based in Kolkata, the Central Board of Direct Taxes (CBDT) said on Friday.

The action -- based on data available in the departmental database, analysis of their financial statements, on market intelligence and field enquiries -- was carried out on January 5.

"A total concealment of income amounting to Rs 365 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to Rs 111 crore," the CBDT, which frames policy for the tax department, said in a statement issued here.

The departments, it said, also seized Rs 3.02 crore "unaccounted cash" and jewellery worth Rs 72 lakh after the searches.

"The search action has resulted in unearthing incriminating evidence revealing various shell (fake) entities being used for raising bogus share capital or unsecured loans. Evidence of out of the books cash transactions have also been found," the CBDT said.

"Significant amount of unbooked revenue on account of sale of flats was detected," it said.

During the course of search proceedings, it was established that the persons of the group used shell companies to route back their own unaccounted money, it said.