Ranchi: Jharkhand’s income tax department recovered ₹2 crores in cash, ₹100 crores in unaccounted investments/transactions and a total of 16 bank lockers have been put under restraint after a series of search and seizure actions on 50 premises in various states.
According to reports, the raids were carried out on a few business groups engaged in coal trading and transportation, and execution of civil contracts. The searches were spread over Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram and Kolkata.
The search operation has led to the seizure of a large number of incriminating documents and digital evidence.
According to a statement issued by the Central Board of Direct Taxes (CBDT), the search revealed that one of the groups engaged in civil contracts was not maintaining regular books of account.
The statement further added that the group has been inflating its expenses by entering into non-genuine transactions of purchase of raw material/ subcontract expenses in a lump sum at the end of the year.
(With Agency Inputs)
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