Patna: Income Tax Department has carried out searches in the cases of four prominent contractor groups based in Patna, Bhagalpur, Hilsa and Katihar in Bihar unearthing unaccounted income of about 75 crore rupees, Central Board of Direct Taxes said. In addition, surveys have been conducted on some traders of mined rocks in Gaya. All the four groups were found to have evaded taxes by inflating expenses for the supply of material and labour.
The CBDT said that the searches have led to unearthing of unaccounted income of about 75 crore rupees, so far. Evidence of unaccounted cash entries, unaccounted sales and purchases have been found totalling to more than 8 crore rupees. In addition, sales and purchases of stone etc have been found to be not recorded in the books of accounts.
The board also said that cash worth 3.21 crore rupees has been seized while fixed deposits of 30 crore rupees and properties worth 16 crore rupees have been placed under prohibitory orders. The board added that bank documents, accounts and other incriminating material of some bogus parties have been seized from the premises of the assessee.
