The Income Tax department has carried out search and survey operations at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal.
The group is engaged in trading of various commodities, production of vanaspati ghee, real estate and tea estates. The group also has real estate projects in Kolkata.
During the search, substantial evidences of transactions outside the regular books of accounts, unaccounted cash expenses, and cash advances received and interest having been paid in cash have been found. Further, cash has been found to have been introduced in the group shell companies which has been advanced as loan to the real estate company.
Most of the companies having family members as directors, do not have any real business and very few returns of income have been filed. Most of the returns with ROC have also not…