Income Tax Dept raids Odisha-based mining firm
Jul 07, 2022
New Delhi [India], July 7 : The Income Tax Department has raided various premises of an Odisha-based company involved in the business of mining, processing and trading of black stones, the Union Ministry of Finance said on Thursday.
The search operation covered more than 15 premises located at Bhubaneswar, Jajpur, Cuttack, Dhenkanal, Keonjhar, Hyderabad, Kolkata, Gurugram, Noida etc, the ministry said in a statement.
During the course of the search and seizure operations, various incriminating documentary and digital evidences, including hand-written books and loose sheets, have been found and seized.
The seized documents contain systematic details of cash sales and bogus sundry creditors exceeding Rs 80 crore. The analysis of seized documents indicates that these cash sales are undisclosed and are not recorded in the regular books of account of the group.
The group is found to have made huge unaccounted investments in acquisition of properties. The search action has led to seizure of unaccounted cash, jewellery and bullion exceeding Rs 1 crore. Further investigations are in progress, the ministry said.
