This is the first major I-T action after the black money window of the Pradhan Mantri Garib Kalyan Yojna (PMGKY), announced by the government for stash holders to come clean post-demonetisation, came to a close on March 31.
The window had allowed black money holders to declare their illegal wealth by a paying a tax and penalty of about 50 per cent on the undisclosed income.
Officials said the taxman had inputs about the said company taking "bogus" entry deposits through alleged shell firms and operators based in Mumbai and Kolkata for fake sub-contract charges and various other expenses totalling over Rs 100 crore.
A similar search has also been conducted in at least 19 locations in and around Pune against a corporate group engaged in "processing and trading of agricultural commodities".
A senior officer of the department said that with the closure of the PMGKY window, all those cases where black money and tax evasion has been detected will be covered aggressively by such actions.
The collections and declarations under the PMGKY have not been as huge and enthusiastic for the department as the similar black money window of Income Disclosure Scheme (IDS) that had fetched Rs 67,382 crore worth of disclosures.
While there is no official comment from the Income Tax department or its policy-making body, the Central Board of Direct Taxes (CBDT) on the total PMGKY declarations, officials indicated it to be around a little over Rs 3,000 crore.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.