Income Tax Unearths Rs 170 Crore Black Income In Rourkela | News Room Odisha

Income Tax Unearths Rs 170 Crore Black Income In Rourkela

Bhubaneswar: The Income Tax department has unearthed a massive black income trail involving a Group that is involved in manufacturing of steel products in and around Rourkela.

According to a media release from the Central Board of Direct Taxes, the Income Tax Department carried out search and seizure operations on 3rd December in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha.

The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus entities. All the 17 parties have confessed in the statements recorded during the course of search and seizure operation, that they were unaware of any such business concerns in their name. It is also observed that the total amount was withdrawn in cash from the bank accounts of these bogus entities. Further, all the proprietors or directors of the bogus entities are daily wage labourers or from economically weaker sections.

Income tax departmentRourkela