I-T dept detects Rs 250 cr 'black' income after raids on Kolkata business group

New Delhi, Sep 01: The Income-tax department has detected ''unaccounted'' income of more than Rs 250 crore after it recently raided a Kolkata-based group engaged in manufacturing of power transmission and distribution equipments apart from few other businesses, the CBDT said Thursday.

The searches were launched on August 24 and 28 on the premises of the group, which is also involved in manufacturing of steel pipes and polymer products, in West Bengal and Jharkhand.

''Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and a preliminary analysis of seized evidence reveals that several shell (bogus) companies have been utilised by the group to provide accommodation (hawala) entries to its flagship concerns,'' the Board said in a statement.

The Central Board of Direct Taxes (CBDT) frames policy for the tax department.

The shell entities have been found to have routed back the unaccounted money in the guise of share capital or unsecured loan into the business of the group, it said.

''Accommodation entries by an entry operator through a web of numerous shell companies aggregating to more than Rs 150 crore have also been detected,'' the statement said.

The search action has led to detection of total unaccounted income of more than Rs 250 crore so far, the CBDT said.