The Income Tax Department has conducted search and seizure operations on December 3, 2020, in Odisha on a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha.
Around Rs.170 Crores Bogus Purchases got booked by the 17 Bogus entities of this group in about two financial years period. All the 17 parties had confessed in the statements recorded during the course of the search and seizure operation, that they were unaware of any such business concerns in their name.
And it was also observed by the officials that the total amount was withdrawn in cash from the bank accounts of these bogus entities. It was also discovered that all the proprietors or directors of the bogus entities are daily wage labourers or from economically weaker sections.
With Warm Regards,
CL Bureau.
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