Income Tax Dept Raids Edible Oil Business Group In Bengal, Assam

The Income Tax Department has uncovered undisclosed income amounting to Rs 40 crore following a raid on a business group based in West Bengal, primarily operating in the North Bengal region. 

Although the exact date of the raid was not disclosed, the I-T department issued a statement on Tuesday regarding the outcomes of the operation and the items seized. 

According to the statement released by the Central Board of Direct Taxes (CBDT), the business group is under the control of an individual with an active political background. The authorities also conducted searches at the premises of a close associate of the business group. 

The group is a prominent exporter of agricultural products in the Malda district of North Bengal and is involved in various businesses, including the production and sale of edible Rice Bran Oil, mustard oil, and De-Oiled Rice Bran (DORB). Additionally, the company operates in the chemicals and real estate sectors, among others. 

In total 23 properties connected to the company underwent searches in various locations including Uttar Dinajpur, Dakshin Dinajpur, Malda, Kolkata, Siliguri in West Bengal, and Guwahati in Assam. The raid primarily revealed that the group was suppressing its yield and engaging in unrecorded cash sales of edible oils and DORB Numerous instances of cash transactions were detected, which were not properly documented in the regular books of account. 

The authorities seized handwritten notes, documents, and digital evidence containing records of cash transactions. They also discovered parallel cash books and fraudulent expense claims. Preliminary investigations revealed undisclosed income of more than Rs 40 crore. 

During the raid at the premises of the close business associate of the main business group, incriminating documents pertaining to cash payments in land acquisition worth approximately Rs 17 crore were found. Furthermore, details regarding unaccounted cash receipts of approximately Rs 100 crore were discovered. 

The I-T officials seized unaccounted cash amounting to Rs 1.73 crore, along with unaccounted jewellery worth Rs 1 crore during the raids. Further investigations are currently underway.