Income Tax Department conducts searches in West Bengal and Assam

Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal.

A individual with a history of significant political involvement runs the business organisation. His close business partner was also the subject of a search. The organisation is involved in a number of diverse companies, including the manufacture and distribution of edible Rice Bran Oil, Mustard Oil, De-Oiled Rice Bran (DORB), various chemicals, and real estate, among others.

A total of 23 premises spread over Uttar Dinajpur, Dakshin Dinajpur, Malda, Kolkata, Siliguri in West Bengal and Guwahati in Assam and surrounding areas were covered.

The search operation found solid evidence of the group’s suppression of its output and unreported cash sales of DORB and culinary oils. The search process turned up many instances of cash transactions that weren’t documented in standard books of account. The seizure of papers, digital proof, including handwritten notes that contain excerpts of currency transactions. Also discovered were duplicate cash records and fictitious expense claims. Unaccounted revenue of more than 40 crore rupees has been discovered, according to preliminary examination.

Furthermore, damning records regarding cash payments for land purchase to the tune of around Rs. 17 crore were discovered during a search operation performed on the close business partner of the main business group, who is a prominent exporter of agricultural products in the Malda area of North Bengal. Details concerning around Rs. 100 crore in unreported cash receipts were also discovered.

The search action led to the recovery of Rs.1.73 crore in unaccounted cash. In addition, Rs.1 crore rupees worth of unaccounted jewels has been confiscated.

Further investigations are in progress.