During IT raids in Bihar-Jharkhand, Rs. Black earnings of Rs 100 crore were found

Black money was found to have invested heavily in real estate

The tax evading contractor was making huge profits by showing the high purchase price of many materials.

New Delhi: Income tax (IT) officials last week raided a contractor's residence and office in Bihar and Jharkhand for road construction work and recovered Rs. A blacklist of Rs 100 crore was found, according to a press release issued by the Central Bureau of Direct Taxes (CBDT) on Monday.

The raids took place on October 27 in different parts of Bihar, Jharkhand, West Bengal and Maharashtra. During the raid, Rs. 5.71 crore cash was recovered and the lockers in the bus bank were frozen, the CBDT list said.

It may be mentioned that all the policies for the Income Tax Department are formulated by the CBDT. During the raid, the officers came to know that this group working in road construction was suppressing their profits by showing high purchase price of the purchased materials and later selling the purchased materials in the market and not keeping any account of the revenue generated from it.

In addition, the group's other business expenses were shown to be very high and it was also involved in the activity of compensating income and expenditure. A handwritten diary was also found from a commission agent who helped the group in the illegal activity, which was confiscated, the press release said.

The group also showed a low amount of contracts and a very low rate of service payments. In addition, the group's diaries and ledgers were found to contain a variety of scams, including vouchers for expenses, bills for goods purchased, bills for materials sold and necessary documents.

All the documentary evidence seized during the raid was a clear indication that the unaccounted cash amount was used to purchase real estate in other cities. In addition, cash was used for personal expenses of group members. During the raid, it was also learned that commission agents and traders providing bogus bills also evaded crores of rupees, the Akbari list said.