Lagatar24 Desk
New Delhi, Nov 1: The Income Tax (I-T) Department carried out search and seizure operations on a prominent road construction contractor in Bihar and Jharkhand.
The search operation was initiated on October 27 at various premises located in Bihar, Jharkhand, Maharashtra and West Bengal.
The search revealed that the group has been suppressing its profits by inflating expenses on the purchase of materials. Such excess material is sold in the market in cash but cash so generated remains unaccounted for, said a release from the Central Board of Direct Taxes (CBDT).
The search resulted in the seizure of unaccounted cash of Rs 5.71 crore from Amhara Construction, a tax evader of crores and documents related to deposits of Rs 60 crore deposited in the post office and bank. Apart from this, unaccounted income of about Rs 100 crore has also been detected and ten lockers have also been found in the bank.
The search operation was conducted on, Bihar-origin Amhara Construction Private Limited Company in three different places in Patna. In addition to this, Bihta (Amhara), Neura and four cities of the country including Pune, Kolkata, Deoghar and Mumbai were intensively raided.
