<span style="color: #222222;">Income Tax Department carried out search and seizure action on two Kolkata based Groups engaged in manufacturing & trading of steel, marbles & stones and food grains. The search action has resulted in unearthing of incriminating evidence revealing various shell entities being used for raising bogus share capital, unsecured loans, discrepancies in stock and out of the books cash transactions. The Groups have accepted that they used shell companies to route back their own unaccounted money. A total concealment of income amounting to 178 crore rupees has been detected so far including excess stock of 38 crore rupees. The search action has resulted in seizure of unaccounted cash of 1 crore rupees and jewellery worth 1.42 crore rupees</span><br />