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July 11, 2022

Income Tax Dept searches mining group in Odisha

by CA Shivam Jaiswal in Circular and Notifications

Income Tax Dept searches mining group in Odisha

The Income Tax Department on Thursday carried out search and seizure operations on a group allegedly engaged in the business of mining, processing and trading of black stones.

As per official sources, the search operation covered more than 15 premises located at Bhubaneswar, Jajpur, Cuttack, Dhenkanal, Keonjhar, Hyderabad, Kolkata, Gurugram, Noida and others.

As per a PIB release, various incriminating documentary and digital evidence, including hand-written books and loose sheets, have been seized.

 “The seized documents contain systematic details of cash sales and bogus sundry creditors exceeding Rs. 80 crore. The analysis of seized documents indicates that these cash sales are undisclosed and are not recorded in the regular books of account of the group,” the PIB release read.

The search operation covered more than 15 premises located at Bhubaneswar, Jajpur, Cuttack, Dhenkanal, Keonjhar, Hyderabad, Kolkata, Gurugram, Noida etc, the ministry said in a statement.

During the course of the search and seizure operations, various incriminating documentary and digital evidences, including hand-written books and loose sheets, have been found and seized.

The group is found to have made huge unaccounted investments in acquisition of properties. The search action has led to seizure of unaccounted cash, jewellery and bullion exceeding Rs 1 crore. Further investigations are in progress, the ministry said. (ANI)

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