The Income Tax Department said today that it initiated search action on November 24, 2021, on a taxpayer in Delhi and on a prominent Kolkata-based Group on December 1, 2021.
The Delhi taxpayer is found to have created a beneficiary trust and an underlying company in low tax overseas jurisdiction. The assessed residence and business premises were covered in the search action.
The search operation revealed that these undisclosed entities in low tax overseas jurisdictions were holding assets worth Rs 40 crore in the form of immovable and movable assets.
The taxpayer was able to get help from a foreign bank that has branches in India that provide wealth management, financial planning, asset allocation, equity research, fixed income, investment strategies and fiduciary services.
The Kolkata-based group is engaged in the production of TMT bars and structural construction materials. The search action covered more than 20 premises spread across West Bengal and Odisha, according to the Ministry of Finance.
A preliminary analysis shows that many paper shell companies are run by the group to provide accommodation entries to its flagship concerns.
The search action has resulted in the seizure of unaccounted cash of Rs 75 lakh and jewellery valued at Rs. Some bank lockers have been put under restraint while some have been placed under restraint. The search action has resulted in the detection of total unaccounted income of around Rs. There are 100 crores of rupees.
The Ministry of Finance mentioned in two different statements released today that investigations are still in progress in both cases.