Income Tax Department conducts searches in Bihar, UP
Oct 07, 2020
New Delhi [India], October 7 : The Income Tax Department on Tuesday conducted search and seizure actions in Patna, Sasaram and Varanasi in the case of a person, who is in the business of mining and hotel industry.
A search was also conducted in the case of a Chairman of a cooperative bank, according to a Central Board of Direct Taxes (CBDT) release.
"During the search, an amount of Rs 75 lakhs was found in a car belonging to this person. Subsequent investigations led to the finding that this amount was unaccounted and was also linked to the Chairman of a cooperative bank," read the release.
"During the search, unaccounted cash and documents having details of substantial cash transactions were found and seized. These transactions are not reflected in the corresponding Returns of Income," it said.
"The documents found during the search also reveal that unaccounted and illegal mining of stone was also undertaken by the group. Further, it is seen that the books of accounts reflect crores of credits, which are also being examined for genuineness," read the release.
Unexplained cash totaling up to Rs 1.25 crores has been seized, while FDRs worth Rs 6 crores have been placed under prohibitory orders, it said.
