Bogus investments value ₹150 cr unearthed throughout IT raids at coal buying and selling firm in Bengal

Picture Supply : PTI

Revenue Tax division reveals bogus investments value Rs 150 cr of West Bengal coal buying and selling firm

The Revenue Tax division on Thursday unearthed alleged bogus investments of round Rs 150 crore whereas it performed searches on the premises of 1 distinguished coal buying and selling firm in West Bengal. Based on officers, searches had been carried out on the premises of a distinguished coal dealer in West Bengal’s Raniganj, Asansol, Purulia and Kolkata, on Thursday. 

Commenting on the searches, the Central Board of Direct Taxes in an announcement stated, “The searches have led to the seizure of paperwork indicating that firms of the assessee group held bogus investments in unquoted fairness shares of paper considerations to the magnitude of round Rs 150 crore, out of which investments of round Rs 145 crore have been offered.”

It stated that the searches had been based mostly on intelligence gathered, which indicated that large-scale unaccounted money was being generated and used for varied functions.

“These sale transactions had been discovered to be sham transactions and have been admitted by the assessee within the assertion recorded in the course of the search. The searches have additionally led to the seizure of a considerable variety of incriminating paperwork exhibiting money technology in coal and sand buying and selling and sponge iron gross sales,” the assertion stated.

“Paperwork have additionally been seized indicating big unaccounted bills for the facilitation of coal transport and varied buying and selling actions. The searches have led to the seizure of unaccounted money and bullion of round Rs 7.three crore,” it added. 

(With inputs from ANI)

Additionally Learn | ₹62 crore in money seized following raids on hawala operatives in Delhi

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