I-T dept detects over Rs 170-cr black income after raids on Kolkata business groups

The Income Tax Department has detected black money of more than Rs 170 crore after it raided two Kolkata-based groups engaged in steel, marble and food grain trade, the CBDT said on Thursday.

New Delhi: The Income Tax Department has detected black money of more than Rs 170 crore after it raided two Kolkata-based groups engaged in steel, marble and food grain trade, the CBDT said on Thursday.

"Unaccounted cash of Rs 1 crore and jewellery worth Rs 1.42 crore have been seized," it said in a statement.

The Central Board of Direct Taxes (CBDT), the administrative authority for the tax department, said the searches were carried out against two Kolkata-based groups engaged in manufacturing and trading of steel, trading of marbles and stones, and food grains.

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The action led to "unearthing of incriminating evidence revealing various shell entities being used for raising bogus share capital and unsecured loans, discrepancies in stock and out of the books cash transactions."

"The groups have accepted that they used paper or shell companies to route back their own unaccounted money," the statement said.

A total "concealment" of income amounting to Rs 178 crore has been detected so far, including excess stock of Rs 38 crore, it said.

PTI