IT unearths Rs. 150 cr unaccounted money from Assam coal trader

From Bhupen Goswami

GUWAHATI : When farmers across the country are giving voice against the Government of India, the Income Tax department has taken up raids against the coal mafia. The Central Board of Direct Taxes has taken a major action against illegal coal trade and has launched raids at 21 locations in four states including Assam, Meghalaya, West Bengal, New Delhi. The Central Board of Direct Taxes today said that the income tax department has unearthed undisclosed income of over Rs 150 crore after raiding the premises of “leading” coal traders in Assam. A senior central board of direct taxes official said that the campaign was launched on December 4-7 in Guwahati, Digboi, Margherita (Tinsukia district) and New Delhi from December 4.

 The Central Board of Direct Taxes (CBDT) said cash worth about Rs 3.53 crore has been seized by the department in the raid. The CBDT said in a statement that handwritten documents and cash transaction diaries have been recovered which are not reflected in the regular books of accounts. Such transactions have been detected so far at all locations worth over Rs 150 crore, out of which payments of more than Rs. 100 crore have been found violating various sections of the Income Tax Act. It says that such seized documents are voluntary and further investigation is being made. The group has been accused of crossing housing entries of Over Rs 23 crore and Rs 62 crore as non-genuine share capital and non-genuine unsecured loans respectively through Shell companies of Kolkata. “All this was done by suppression of its net net profit,” it noted.

Moreover, cash loan transactions were also found to be worth over Rs 10 crore. A stock gap of more than Rs. In the office of the Shell Company in Kolkata, acquired by an institution of the group, no book of accounts and ROC mandatory documents were found, which proved that only one fake entity is used to get the unaccounted income of the group. In the office of the Shell Company in Kolkata acquired by an institution of the group, no book of accounts and ROC mandatory documents were found, which proved to be a fictitious entity used to route the unaccounted income of the group. He said some cash investments in share capital were also detected “during the demonetisation period”.

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