₹150 crore tax evasion: I-T department raids coal trader in West Bengal

The Income-tax department has conducted raids against a West Bengal-based coal trader on charges of alleged tax evasion to the tune of ₹150 crore, the CBDT said on Friday.

"The raids (that took place on Thursday) led to the seizure of unaccounted cash and bullion of around ₹7.3 crore," it said in a statement.

The searches were carried out in the case of a prominent coal trader of West Bengal having premises in Raniganj, Asansol, Purulia and Kolkata.

"The raids were based on intelligence gathered that indicated large-scale unaccounted cash was being generated and used for various purposes," it said.

"The searches have led to seizure of documents indicating that companies of the assessee group held bogus investments in unquoted equity shares of paper concerns to the magnitude of around ₹150 crore, out of which investments of around ₹145 crore have been sold," it said without identifying the trader group.

These sale transactions, the CBDT claimed, were found to be "sham" transactions and have been "admitted" by the assessee in the statement recorded during the search.

A substantial number of incriminating documents showing cash generation in coal and sand trading, sponge iron sales among others have been seized, it said. 

Documents have also been seized indicating "huge unaccounted expenses for facilitation of coal transport and various trading activities," it said.