Income tax department conducted search and survey last week in case of leading coal traders of Assam at 21 locations in Guwahati, Digboi, Margherita and Delhi, the Central Board of Direct Taxes (CBDT) said Monday.
The traders have allegedly routed accommodation entries of more than Rs.23 crore and Rs.62 crore in the form of non-genuine share capital and non-genuine unsecured loans respectively, through certain Kolkata-based shell companies, the Board said in a statement.
"All this was done by suppression of its true net profit," the Board said.
Out of the books transactions of Rs 150 crore have been unearthed, of which payments made of a total of more than Rs 100 crore have been found to be violative of various sections of the Income-tax Act, the Board added.
"Further, loan transactions made in cash were also found to be more than Rs.10 crore. Stock difference of more than Rs.7 crore was found and no cogent explanation regarding the same was provided,”the board said.
It added that unexplained cash of approximately Rs.3.53 crore has also been found during the search while cash investments in share capital during demonetization period were also detected.