New Delhi [India], May 16 : The Income Tax Department has conducted search and seizure operations on a prominent business group operating mainly in northern West Bengal, the Ministry of Finance said on Tuesday.
According to the Ministry, the said business group was under the control of an individual with a significant political background. As part of the operation, the tax department also conducted searches on a close business associate of the individual.
"Search was also conducted on his close business associate. The group is engaged in a variety of businesses ranging from the production and sale of edible rice bran oil, mustard oil, De-Oiled Rice Bran (DORB), different types of chemicals and real estate, etc. 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 ministry said.
It further said that the search action revealed that the group was suppressing its yield and making unaccounted cash sales of edible Oils and DORB.
"Several instances of cash transactions not recorded in regular books of account have been detected during the search operation. Handwritten notes, documents and digital evidence containing cash transaction extracts have been seized. Parallel cash books and bogus claims of expenses have also been found," the ministry said.
As per the finance ministry, a preliminary investigation has revealed unaccounted income of more than Rs 40 crore.
Further, in a search operation conducted on the close business associate of the main business group, who is a leading exporter of agro products in the Malda district of North Bengal, incriminating documents against cash payments in land acquisition to the tune of Rs 17 crore (approx.) have been found.
Details pertaining to unaccounted cash receipts of about Rs 100 crore were also found.
"The search action has resulted in the seizure of unaccounted cash of Rs 1.73 crore. In addition, unaccounted jewellery worth Rs 1 crore has been seized," it added.
Further investigations are in progress.
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