“As per preliminary estimates, evidence of cash transactions of around Rs 40 crore have been found,” the central board of direct taxes said in a release late on Saturday.
The apex I-T authority said that hard disks, pen drives and handwritten diaries have been seized during the searches. “Certain handwritten diaries found indicate giving and taking of loans in cash and out of books receipt of cash on account of booking of commercial space in the real estate project,” the CBDT said, indicating huge circular transactions of black money.
The I-T authorities are tracking cash payments made to contractors and other fictitious payments booked. On Friday, the I-T officials searched around 20 residential and business premises of a “prominent group having operations in Jharkhand and West Bengal”. The CBDT said that the group has been engaged in the business of vanasapati ghee, real estate and tea estates.
The group is accused of running shell firms, most of which had family members as directors, no real business activity and very few returns of income filed. Most of the returns with ROC have also not been filed, the CBDT said.
Diaries and pen drives seized from over 20 premises in Jharkhand & Bengal revealed evidence of cash transactions of more than Rs 40cr.