The Income Tax Department has detected black money worth Rs. 300 crore during a raid. The IT Department officials recovered black money after raiding an office of a company in West Bengal. The group was engaged d in the business of manufacturing iron, steel and tea.
The raids were carried out on 29January at twenty-five premises in Kolkata, Jamshedpur, Bhubaneswar, Hyderabad, Mumbai and some other places. The raid was carried out after getting specific input.
“A total concealment of income amounting to Rs. 309 crore has been detected so far. The assessee have made an admission of undisclosed income amounting to Rs.175 crore,” the Central Board of Direct Taxes said in a statement.