According to the IT department's statement, the searches revealed that the group has been suppressing its profits by inflating expenses on the purchase of materials. 
Special 
According to the IT department's statement, the searches revealed that the group has been suppressing its profits by inflating expenses on the purchase of materials. The Income Tax Department detected Rs 100 crore unaccounted income after raids on a 'prominent' road construction contractor in Bihar and Jharkhand, the Ministry of Finance informed on Monday.
The IT department has seized unaccounted cash of Rs 5.71 crore, placed ten bank lockers under restraint, while investment made in fixed deposits of about Rs 60 crore is under verification.
According to the IT department's statement, the searches revealed that the group has been suppressing its profits by inflating expenses on the purchase of materials. The excess material is sold in the market in cash but remains unaccounted, investigations found.
The group has indulged in accommodation entries for inflating other business expenses.
The department said that evidence revealed incriminating documents such as handwritten diaries seized from the premises of commission agents who have been assisting the assessee group in dubious practices. The search operation found that the group is also suppressing contractual receipts and other service incomes, not maintaining proper books of accounts, including supporting documents like bills and vouchers.
Various incriminating documents recovered and seized during the search indicate the movement of unaccounted cash between different locations for its investment in immovable properties and cash expenses of personal nature. The commission agents and suppliers of bogus bills indulged in tax evasions of crores of income and provided accommodation entries to other parties as well.
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