I-T detects over Rs 450 cr black income
New Delhi: The Income Tax Department has detected undisclosed income of over Rs 450 crore after its raided a Madhya Pradesh-based Soya products manufacturing group, the CBDT said on Monday.
The searches were carried out on February 18 at 22 premises located in Betul and Satna (both in Madhya Pradesh), Mumbai and Solapur in Maharashtra, and Kolkata in West Bengal.
"Incriminating evidence in the form of digital media such as laptops, hard drives, pen drives have been found and seized.
"From the investigation so far, undisclosed income of over Rs 450 crore has been detected," the CBDT said in a statement.
It added that "unexplained" cash of over Rs 8 crore and foreign currency of various countries amounting to more than Rs 44 lakh have been seized after the raids on the Betul-based business
Nine bank lockers have also been found during the search, the Central Board of Direct Taxes (CBDT), which frames policy for the tax department, said.
"The group has introduced unaccounted income to the tune of Rs 259 crore by way of introduction of share capital at huge premium from Kolkata-based shell companies.
Meanwhile, the Income Tax Department also detected about Rs 335 crore undisclosed income after it raided a Pune-based business group engaged in packaging and sale of tobacco products and related items, the Central Board of Direct Taxes said on Monday.
The searches, which were launched at 34 locations across Maharashtra on February 17, led to the seizure of "unaccounted" cash of Rs 1 crore, it said.
"Profit on un-recorded transactions of sale of real estate amounting to Rs 9 crore has been accepted by the assessee," the Central Board of Direct Taxes (CBDT), the body that frames policy for the Income Tax Department, said in a statement.