Searches conducted in UP & Bihar by Income Tax dept.

On Tuesday this week, the Income Tax (IT) Department has conducted search and seizure actions in Patna, Sasaram and Varanasi based on actionable intelligence received by the department. The search operations have been conducted on the person, who is in the businesses of mining and hotel industries. Also, a major search operation was conducted in the case of a Chairman of a large cooperative bank.

Rs.75 lakh amount was found in a car belonging to the Co-operative Bank’s Chairman when the search operation was conducted. Subsequent investigations have led to the findings that this amount was unaccounted and was also linked to the Chairman of a cooperative bank. Also in the search operation, unaccounted cash and documents having details of substantial cash transactions were found and seized. All these transactions are not reflected in the corresponding Returns of Income of the Chairman.

Also, the I-T department is investigating the sources of investment in houses, a hotel and various vehicles of this individual. Many documents were found in the search operation which reveals the unaccounted and illegal mining of stone activities that was undertaken by the group. The books of accounts also reflect crores of credits, which are also being examined for genuineness.

Rs.1.25 crore unexplained cash amount was seized, while FDRs worth Rs. 6 crores have been placed under prohibitory orders.

The I-T department is conducting further investigations.

With Warm Regards,

CL Bureau.